If the market’s cooling, you wouldn’t know it on Sydney’s upper north shore where a new development above Coles has achieved $100m in sales in just three days.
Original article published on realestate.com.au
“It’s unbelievable,” says CBRE managing director David Milton of his sales in the Balfour Place project on a 7091sqm site surrounded by gardens at 1 Lindfield St, Lindfield.
“All we’ve got left is one 68 sqm one bedroom apartment for $945,000.
“Buyers walked in and said ‘This is what we want, these are well-designed with a good sized balcony’ and being above Coles was a big factor ….. they loved that convenience!”
The agents received more than 1500 inquiries in the $102m development ahead of last weekend’s VIP launch and sold 58 of the 59 units in the Third.i and Phoenix Property Investors (PPI) project.
The one-bedders (ranging in size between 59sqm and 80sqm including balconies) sold for between $850,000 and $1.1m; two bedders (87sqm to 104sqm) for $1.3m to $1.75m and three-bedders (123sqm to 22sqm) for $2.6m to $3.4m.
Two four-bedroom penthouses (244sqm plus 130sqm terraces) went for $4.5m and $4.95m.
There were a mix of buyers.
Most of the two and three-bedroom apartments sold to local owner occupiers, including young people who can’t afford a freestanding home.
“The one-bedders sold to a mix of investors and owner occupiers and we saw a lot of first home buyers,” Milton said.
The two four-bedroom penthouses sold to upper north shore downsizers.
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