This article is from the Australian Property Journal archive
The sales at Corsica totaled $90 million, ranging from $370,000 for a one-bedroom unit to $680,000 for a three-bedroom penthouse. The two-bedroom apartments averaged $500,000.
The success of the project has prompted speculation that a further apartment complex on adjoining land would be released shortly.
CBRE head of residential projects David Milton said any new stock would be snapped up quickly.
According to Milton, the 215 apartments sold 60% were to investors.
“There are more investors looking for affordable property than at any time over the past decade,” Milton said. “Sydney will continue to be in a rental squeeze, and those lucky enough to be cashed up will take advantage by investing in property,”
Around 3,000 people currently live at Wentworth Point – the new name for Homebush Bay – with The Waterfront being the only estate with planning approvals to develop new apartments.
Excavation work for Corsica is underway on the corner of Baywater Drive and Hill Road, with the complex expected to be completed by late-2011.
Australian Property Journal
