New apartment developments in Sydney are still attracting buyers

The explosion of apartment projects in Sydney is showing little sign of cooling as two more developers released units for sale on Saturday and buyers snapped up large swathes of both.

In the inner west, 16 of the 42 apartments for sale in Iris Capital’s Wattle Hill development in Hurlstone Park sold mainly to owner-occupiers and first-home buyers.

In Parramatta, 71 of the 142 apartments for sale in the final stage of Chinese developer Starryland’s Promenade Parramatta project sold within the first two hours of the office opening on Saturday. All units were bought by local buyers, agents said.

CBRE director Ben Stewart said buyers were attracted to the high-end finishes and design of the Wattle Hill development.

“Designed by award-winning architects Squillace, it’s set to become one of the area’s principal landmarks,” Mr Stewart said. 

“The selection of materials carefully chosen inside and out reflect the suburb’s vibrant culture, complementing the 360-degree views and ensuring Wattle Hill will become an icon in the inner west.”

Prices for Wattle Hill’s one-bedroom-plus-study apartments start at $580,000, while the two-bedders begin at $765,000 and three-bedders at $1,185,000.

Most of the five one-bedroom apartments were bought by first-home buyers, Mr Stewart said.

Starryland’s $550 million Promenade Parramatta project was the most popular residential project sold by CBRE in the Parramatta region as buyers were attracted to the location, value and quality design, said CBRE managing director David Milton.

“From an investment point of view, western Sydney has a very strong demand and a higher rental return compared with other areas in the Sydney region,” Mr Milton said.

“Parramatta is Sydney’s second CBD and is now undergoing a major revitalisation with greatly improve transportation thanks to the West Connex and light rail. More business will develop as a result with increasing market demand as the CBD is further improved.”