This article is from the Australian Property Journal archive
AN apartment within The Adelaidean residential development has set a new benchmark for off-the-plan sales in Adelaide, selling for a record $3 million-plus.
The apartment measures more than 300sqm and was created from two apartments on the sub-penthouse level 34 of the building, and designed by the Brown Falconer.
Colliers International’s Nick Pelvay and James Polacek negotiated the deal.
They said it was a sign of buyers increasingly looking to the CBD to live and invest.
“The Adelaidean was only released to the market in May and we’ve received overwhelming feedback from buyers so far, with many apartments already under negotiation,” Pelvay said.
Polacek said Adelaide’s apartment market was maturing quickly, with downsizing owner-occupiers driving demand.
“There has been significant interest from buyers looking for three or more bedrooms, with an increasing number of purchases of more than $1million,” he said.
The City of Adelaide recently announced that owner-occupiers who purchase off-the-plan apartments over the next two years would enjoy a five-year hiatus from paying rates.
“This announcement is in addition to the current stamp duty exemptions for off-the-plan apartments, makes purchasing in the Adelaide CBD even more attractive” Pelvay said.
Australian Property Journal
