There’s been a resurgence of interest in high-end luxury apartments in Sydney since the Federal Election, according to Ray White Projects who has tallied up four luxury apartments for more than $13 million in recent weeks.
The 1788 Residences, a 29-apartment $100 million boutique development on uber hip Cross St, sits in the blue-chip heart of Double Bay, directly across from the Intercontinental Hotel.
Ray White’s Head of Projects Eddie Mansour said one of these recent sales saw a local buyer combine a three-bedroom and one-bedroom apartment to create a mega four-bedroom apartment at the high-end 1788 Residences.
“Buyer confidence has returned and the second guessing of the market bottoming out has gone, with many wanting to act now before they see interest in the project and prices increase,” Mr Mansour said.
“This is the fourth amalgamation of apartments in the 1788 project with another amalgamation in talks that would see a large house-sized apartment being created.”
1788 Residences has now also sold out of two-bedroom apartments, but Mr Mansour said the project continues to have local residents and national buyers purchasing, as well as interest from international buyers.
“Two of the sales are locals who will be moving from their nearby eastern suburb homes, with the third buyer being a couple based in South Australia and at this stage intend to use it as a Sydney bolthole,” he said.
Some 35 per cent of stock remains which includes the yet-to-be-released new penthouse layouts, and a premium selection of one and three bedrooms apartments.
With construction underway, and not complete until the end of 2020, many buyers like the prospect of securing an apartment at the current market price.
Ray White Double Bay founder Craig Pontey said empty-nesters loved the new project for its high-end finishes and prime blue-chip location.
“Locals have been crying out for a high-end boutique development like this for years,” Mr Pontey said.
“New developments of this class are few and very far between.”