This article is from the Australian Property Journal archive
CROWN Group’s Mastery apartments have seen a 200% uptick in traffic and sales over the past two months, as the median unit price sits 66% below that of houses.
Mastery by Crown Group, which will be the country’s first Japanese-themed residential masterplanned community across five buildings in Sydney’s Waterloo, has drawn in affluent first home buyers and young professionals.
“The sales spike we have experienced at Mastery by Crown Group is a reflection of the state of the market which is common in this type of property cycle where buyers are priced out of houses and buyers are drawn to the many benefits and advantages of apartment living,” said Prisca Edwards, director of sales at Crown Group.
“When the price of houses goes up, units also follows however though there can be a lag. The apartment market is currently in catch up mode to houses,” added Edwards.
According to Edwards, this increase in sales was in line with Crown Groups expectations, reflecting the current Sydney housing market conditions of buyer FOMO and limited supply.
“From what we’ve seen of Mastery by Crown Group, we have reason to believe that this trend will continue over the next few years and buying into off-the-plan as a wise and viable option for first-home-buyers, upsizers, downsizers and investors alike,”
The community, which is designed by Kengo Kuma in collaboration with Koichi Takada Architects and Silvester Fuller includes a 2,177sqm retail precinct, with 27 stores and an authentic Japanese eat street.
Woolworth’s recently signed on to the precinct with a Metro offering to anchor the $15 million retail component, which as of February only had four spaces remaining.
The project at 48 O’Dea Avenue, is Kuma’s first residential community in Australia, which will be comprised of 368 luxury apartments and resort style amenities, including an infinity-edge rooftop pool, gym, spa and community room.
“The past year has really altered the market in a way that now points toward the value of large and high-quality apartments as their affordability has endured,” concluded Edwards.
