From heritage Bellevue Hill architecture reimagined, to Vaucluse’s most contemporary new development, the boutique project rolls on in Sydney’s eastern suburbs, with little regard or concern for the machinations beyond its exclusive borders.
Without wanting to overstate the case, it’s hard to remember a time when our office has enjoyed the patronage of as many developments as it does today. In part, perhaps we’ve graduated to something of a leader in high-end off-plan sales in the East over the years, but beyond this, levels of activity and creativity seem to point to a rising tide of confidence and a new category of developer, determined to push the boundaries of design.
Developers Thinking Differently
More and more we’re seeing developers evolving the once stayed Eastern Suburbs paradigm, reimagining architectural frameworks and long established borders.
Case in point being, Old South Head Road, which continues its steady prestige march up towards Vaucluse, with the likes of our latest offering, the magnificent HELIOS development looking to redefine this section of Old South Head Rd in much the same way that Mark Moran’s retirement offering has done for its locale further up.
HELIOS brings the prolific aesthetic of MHNDUnion to bear in a location that will no doubt become another example of a prime area revitalised. 20 artfully designed residences with interiors by Lawless & Meyerson, occupy a cutting edge building, boasting three pavilions and spectacular ocean views.
If You Build It, Will They Come?
Given Sydney’s recent ranking as the world’s second most expensive housing market, behind only Hong Kong, the obvious question is how much gas does this market have left in its tank?
The answer depends, of course, on what part of the market we’re talking about. As pertains to the eastern suburbs of Sydney, the simple answer is that demand for one of the world’s most enviable locations will continue to support excellent returns for the foreseeable future.
Clearance rates in Sydney’s exclusive Eastern Suburbs continue to hit peaks of 80%, far outstripping figures for the rest of New South wales. Additionally, interest rates seem to be on hold for the moment with muted retail results and growth in household debt continuing to outpace growth in household income, all of which points to a continued state of inertia as far as rates go.
The current market represents a buying opportunity for developers looking to secure sites for future development, with continued outperformance almost guaranteed in Sydney’s Indomitable Eastern Suburbs.
With likely seven off plan projects on our remit between Vaucluse, Bellevue Hill and Coogee in the first few months of next year alone, all indications are for another exciting new year in development sales.
Still, Off The Plan Can’t Be Sold Off The Cuff
Whilst the opportunity for strong returns is apparent, there are still properties on the market in Sydney’s most sought-after neighbourhoods that are underperforming – and the reasons for this phenomenon vary: from poorly conceived design and developers not willing to meet the market, to residential sales agents without off the plan experience, who do not pay sufficient attention to the nuances of this niche sales process.
It follows then that even in a strong development market such as Sydney’s east, it is never a case of “fish in a barrel”. The sales process is a very particular skill when marketing off the plan. Agents must be sympathetic to the market, which is to say they really have to know their comparable sales backwards.
A deep understanding of the local buyer spread is critical and it is imperative that agents guide their clients through this complex puzzle, in respect to design, pricing, brand and marketing material.
Agents must be committed to the off plan sales process, which in most cases implies a longer term to completion than standard residential sales – and requires an ability to guide one’s client through an often gruelling journey on the way to a full result.
D’Leanne Lewis is a regular contributor to Boutique Developer. She has been named the Real Estate Institute of Australia’s Australian Residential Salesperson of the Year and is a three-time winner of the NSW Residential Salesperson of the Year Award.
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BORD DE L’EAU
Block of 3 | Rose Bay
Block of 3 | Bellevue Hill
Block of 6 | Vaucluse
Block of 6 | Dover Heights
(highest rate per sqm for Dover Heights)
Block of 20 | Double Bay
Block of 8 | Randwick
Block of 5 | Rose Bay
Block of 12 | Bellevue Hill
53 & 57 SUTTIE ROAD
(highest price paid for a semi in Double Bay)
Block of 20 | Vaucluse
Block of 3 | Bellevue Hill
Block of 10 | Coogee
9 ALBEMARLE AVE
Block of 2 | Rose Bay
32 SUTTIE RD
Block of 2 | Bellevue Hill