Plenty of Sydney apartments still for sale as city planning changes loom

The city skyline, with its towering apartment buildings, is a testament to the success of past planning strategies to encourage more people to live in the CBD.

But it’s possible, according the City of Sydney, to have too much of a good thing. In this case, the council fears an ongoing residential boom could thwart employment growth and diminish the all-round chutzpah that healthy commercial and tourism sectors bring to a city.

The council has proposed a dramatic shake-up of planning controls to encourage more office, retail and hotel projects, while limiting the off-the-plan apartment boom.

The draft Central Sydney Planning Strategy, now open for public discussion, would force all new towers over 55 metres high to be at least half commercial.

Colliers managing director residential Peter Chittenden says the proposed changes will make it harder and more expensive to buy an apartment in the inner city.

“There’s a very limited amount of apartments for sale off the plan in the Sydney CBD and it’s only going to get worse with what council is proposing,” Mr Chittenden says.

“We predict there will be increase in values in the CBD over the next five years simply because of that supply restraint.”

There are about 100 residences, including 10 terraces, still for sale at Wonderland, 81-85 Connor Street, Chippendale — the final residential stage of Central Park from developer Frasers Property. 

Designed by Francis-Jones Morehen Thorp (fjmt), the parkside building ranges from eight to 13 storeys, with amenities including gym, rooftop entertaining and dining area and residents’ lounge.

Prices range from $602,000 for a one-bedroom apartment to $2.65 million for a three-bedroom apartment. Strata levies are from $990 a quarter.

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About 80 apartments are still for sale at DUO in Chippendale. Image: Supplied

DUO, Central Park

Also at Central Park, DUO from architects Foster + Partners comprises 311 apartments across two towers, with about 80 still on the market.

The 18-storey towers, on the north-western side of the site at 2 Chippendale Way, have versatile indoor-outdoor living spaces. Some have dual-key access.

Residents will be able to use large private lounge areas, a mixed-use recreation room, resort-style swimming pool, gym, jacuzzi, lounge bar, dining room and rooftop entertaining area.

Peter Chittenden, of agent Colliers, says Central Park has proved extremely popular with downsizers and local-resident Asian buyers.

About 10 per cent of apartments sold so far in DUO, which is due for completion mid to late 2018, have gone to overseas purchasers.

Prices range from $710,000 for one-bed apartments to $2.06 million for three-bed apartments. Strata levies are from $950 a quarter.

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The Acacia building is three blocks from Darling Harbour. Photo: Supplied

Acacia

Developer Meriton built the 13-storey Acacia building at 71 Jones Street, Ultimo, seven years ago and initially leased it to tenants.

Prompted in part by the multi-billion-dollar redevelopment of Darling Harbour, Meriton renovated the apartments and started offering them for sale in July 2015.

The penthouse apartments hit the market last year, with just one out of eight in the collection still available.

In total, about 40 out of 215 apartments remain for sale. Demand so far has proved strongest among investors, downsizers, young professionals and families, says Meriton director of sales, James Sialepis.

Acacia is about three blocks from the Darling Harbour light rail stop. City buses stop nearby on Jones Street.

Prices range from $600,000 for a studio to $1.82 million for a three-bedroom penthouse. Strata levies are from $1050 a quarter.

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