Despite Sydney property prices reversing as the sharp rise in interest rates continue to slash buyer’s borrowing capacity, newly launched and recently completed development projects in the city’s inner suburbs remain in hot demand.
According to REA Group, Sydney’s apartment market has remained highly attractive to buyers and active across their search engine after a reversal of just 0.3 per cent in prices so far this year.
Comparatively house prices have plunged 2.1 per cent but remain 22.7 per cent above pre-2020 levels.
The country’s largest real estate portal has revealed that across the year so far, high-end, architect-led apartment projects across a number of Sydney’s most affluent suburbs remain firmly at the top of buyer’s wish lists. High-rise developments such as Aqualand’s recently completed $475-million Blue at Lavender Bay project and Cbus Property’s $300-million development at Castlereagh Street were among the most-viewed products online.
Wealthy buyers have continued to target luxury apartments with Cbus Property’s 111 Castlereagh penthouse collection, which includes The Jones, The MacKellar and The Cambridge Residences, sold ahead of their official market release for a combined total of $66 million last year.
Buyers have also been drawn to emerging town centres and mixed-use development projects, such as Mirvac’s Green Square precinct and Billbergia Group’s Rhodes Central offering high-quality amenities, access to open space and parklands as well as restaurants, dining and supermarkets.
Boutique developments also scored the attention of REA’s users, with planned projects in emerging fringe locations such as Enfield and Castle Hill in focus.
Here are the top-10 most-searched development projects by foreign investors in Sydney.
Address: 111 Castlereagh Street, Sydney, NSW 2000
Developer: Cbus Property
Cbus Property’s 111 Castlereagh is uniquely placed above the former David Jones department store, rising 22-storeys above the podium base. The FJMT Studio-designed elliptical tower will accommodate 98 high-end apartments and the residential tower is expected to be finished by early 2024.
Address: 39 Marquet Street, Rhodes, NSW 2138
Developer: Billbergia Group
Billbergia has recently launched stage four of its $2.5-billion master planned community, Rhodes Central, which will include 126 apartments over 15 levels. Rhodes Central Oasis will feature a range of apartment configurations and will include a swimming pool with private cabanas, a splash pad for children and a calming spa set within a lush tropical garden, and a poolside grill area.
Address: 52 Soldiers Parade, Edmondson Park NSW 2174
Developer: Frasers Property Australia
Frasers Property has collaborated with architectural firms HDR, GroupGSA and Hassell to deliver a new town centre, integrated with 1884 homes in a mix of apartments, terraces and ‘mews’-style townhomes. The urban village includes restaurants, cafes, shopping and entertainment, playgrounds and parklands with a fresh food marketplace and Eat Street.
Address: 106-116 Epsom Road, Zetland, NSW 2017
Sydney-based developer and builder Deicorp has collaborated with leading Australian architectural teams Architectus, MHNDU and BVN to deliver the final stage of the long-awaited Victoria Park precinct in the vibrant inner-city suburb of Zetland. The development, due for completion in 2023, will comprise 437 apartments in one, two and three-bedroom configurations.
Address: 77-93 Portman Street, Zetland, NSW 2017
ASX-listed developer Mirvac’s Green Square precinct, 4km south of Sydney’s CBD, is one of the largest urban renewal projects in Australia and when complete, will deliver more than 1600 apartments, along with office and retail space and a substantial public domain within the Green Square Town Centre.
Address: 6 Mitchell Street, Enfield, NSW 2136
Developer: Tian An LFD
The Henley, a project in Sydney’s inner west, offers two, three and four-bedroom residences across 22 floorplan options. Designed by DKO, the development has access to the 12ha Henley Park as well as private outdoor entertaining areas and landscaped gardens.
Address: 61 Lavender Street, Milsons Point, NSW 2061
Developed by Aqualand Australia, Blue at Lavender Bay comprises 125 one, two, and three-bedroom apartments. The project has been designed by PTW Architects to complement the precinct’s harbour outlook, with floor-to-ceiling sleek curved winter gardens on the southern side and fitted glass screens on the northern balconies.
Address: 17 Amalfi Drive, Wentworth Point, NSW 2127
Developer: Piety Group
One The Waterfront is the redevelopment of derelict industrial land in Wentworth Point. The project area includes 620 apartments, a six-level basement, the second largest in Australia to Barangaroo and a 5000sq m public park. Piety Group recently lodged plans for the final stage of their Wentworth Point masterplan, adding another 155 apartments to the precinct.
Address: 16 Middleton Avenue, Castle Hill, NSW 2154
Developer: Bridgestone Projects
Chateau, being delivered by Sydney-based high-rise property developer Bridgestone Projects, is located just south of Castle Hill Showgrounds and the future local centre. The development comprises four residential towers hosting a total of 281 dwellings—including a mix of one, two and three-bedroom dwellings in the form of an apartment, terraces, townhouses and penthouse living.
Address: Oran Park Drive, Oran Park, NSW 2570
Developer: Greenfield Development Company, Landcom
Greenfields Development Company is a family-owned company based in southwest Sydney, and is currently constructing Oran Park Town. Built on a former raceway and dairy, it is estimated the project will be completed in the early 2040s. The 380ha greenfield site will eventually deliver 10,000 homes for 35,000 people and offer a mix of innovative small-lot housing and standard-sized lots to semi-rural lots.