Luxury apartments in Sydney’s Bondi Junction are selling fast and generating a huge level of interest from Asian buyers, thanks to its proximity to shopping, restaurants and the beaches.
One luxury apartment at Waverley Street will go under the hammer on October 31 and is expected to fetch more than AU$2.5 million.
Overseas buyers have been driving demand for luxury apartments. Developer Legacy Property recently secured the off-the-plan sale of 91 of the 93 apartments of its magnificent Capitol Building within just four hours of launching.
"Not only did the apartments in the Capitol sell in record time, they averaged in excess of AU$14,000 per sqm," said Tim Rees, Senior Director, CBRE Residential Projects.
Barry Goldman, Co-Principal of Raine & Horne Double Bay attributes the red-hot apartment action to buyers rediscovering ‘The Junction’s’ retail appeal and proximity to many famous beaches.
"Bondi Junction is the CBD of the Eastern Suburbs and is rapidly changing. As a consequence the new and off-the-plan apartment market is booming with almost four times as many bidders at auctions for apartments compared with this time last year,” he said.
Raine & Horne Double Bay’s Martin Maskin adds that Bondi Junction is an increasingly popular location with Asian buyers.
"Many cashed-up Asia-based buyers identify Bondi Junction as an inner city suburb, where they can find excellent shopping, transport and schools, and as a result have become bigger players in the suburb’s luxury apartment market," he said.
"The trouble is there is a scarcity of new penthouses in Bondi Junction, and as such we expect plenty of action when 22/42-48 Waverley Street, Bondi Junction goes under the hammer."
The breath-taking, north-facing oversized single-level new penthouse, according to Maskin, represents a luxurious oasis of quiet privacy spilling out onto alfresco terraces.
"Wrapped in views that extend north to the Sydney Harbour Heads and south to Botany Bay, the huge layout includes, private lobby, palatial living/dining, Miele kitchen, three – four generous bedrooms, designer bathrooms, bespoke built-ins, air-conditioning throughout and no common walls.
The penthouse apartment can be accessed by lift from the underground car park or the main lobby, while lovely Waverly Street is just metres from Westfield, restaurants and transport."
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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