We are seeing presales making a come back in Sydney and Melbourne. A sign the Australian East Coast real estate market is starting to move again.
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“Apartment launch a sign freeze is starting to thaw
The thaw in the freeze on off-the-plan apartment development has begun in Sydney with Poly Australia launching its new off-the-plan apartment project in Bankstown last weekend.
The developer sold 37 units out of the first 40 launched at its ‘‘Spring Square’’ project at the site of the old Bankstown RSL in Sydney’s southwest.
The group bought the 6.2-hectare site at 32 Kitchener Parade in 2017 and received approval to build 516 units across five towers as well as retail space in a mixed-use project.
The smaller launch – a contrast to the red-carpet sellouts of projects at the height of the housing boom in 2015-16 – is a conservative return to the apartment sales market by the developer.
Nineteen of the units sold last weekend were to first home buyers.
There are other early signs first time buyers are back, with many rushing to snare house and land packages in Sydney and Melbourne as well as apartment releases.
During the boom between 2015 to 2017, investors pushed many first home buyers out of the market by driving prices up to unaffordable levels.
The market correction over the past 18 months and the tightening of investor lending has slowed investor activity, allowing first home buyers a chance to get back into the market.
Poly’s Spring Square release is first home buyer territory, with units priced between $445,000 and $665,000. These prices allow first home buyers to collect their first home buyer’s grant and avoid paying stamp duty.”
Source: Su-Lin Tan, Australian Financial Review
Presales Making a Come Back
Presales making a come back is a good barometer of the condition of the Australian real estate market.
It is a good time now to secure new development sites, lodge development applications, making the property development site construction ready, to take advantage of the stronger property market emerging.
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See our past developments video