Crown Residences At One Branagaroo
Ultra-high net worth individuals around the world are the target for Crown Residences at One Barangaroo in Sydney
PORTFOLIO: HOW IS THE CURRENT DEMAND FOR RESIDENTIAL PROPERTY IN AUSTRALIA?
Mr. Marcellus: The outlook for the remainder of 2018 looks positive. The population in Australia continues to climb, especially with the rise in overseas immigration, and the country has seen more than two decades of economic growth, which has led to more jobs’ growth. Additionally, interest rates continue to drop, a blessing for the residential property market, allowing more people to search for residential properties. This growth is an amazing opportunity for Crown Group to bring our luxury developments to more Australians in the future.
WHAT TYPE OF RESIDENTIAL DEVELOPMENTS IS CURRENTLY POPULAR,ANDWHY?
Luxury, high-rise residential developments continue to break ground across Australia, particularly in Sydney and Melbourne. By living in a residential building, tenants have access to a multitude of amenities, a great view of a city and a built-in community. Our newest development Eastlakes Live’s first stage will include 134 luxury apartments and multiple retail spaces below, offering a diverse range of spaces and experiences for interaction or seclusion. Stage 2 will complete the community with a new town center and a mix of residential and retail components, with details still to come.
WHAT IS FUELING THE SAID DEMAND – INVESTMENT, RESALE VALUE, PRICING, OFFERS FROM DEVELOPERS, ETC.?
Low interest rates and greater credit availability are a huge component of the current demand for residential housing. Changes in families are also having an impact on the ability to rent or purchase a property. Incomes are increasing, especially for couples as both people are now working, and the average family size is decreasing since people are having fewer children or marrying later in life. In addition, buyers do see the great return on investment a few years later after they have purchased their off-the-plan properties. Investing in property, especially in Sydney, will always be the smart move for both local and overseas investors. Being on top of a shopping center also differentiates Eastlakes Live by Crown Group from other developments in Sydney. The residences will be situated atop the new Eastlakes town center, a new dining and retail precinct. Everything will be so close, with convenience right on your doorstep.
WHAT IS THE PROFILE OF BUYERS OF SAID PROPERTIES, AND WHAT ARE THEY LOOKING FOR?
First-time home buyers, retirees and those downsizing to smaller homes will be the main buyers of Australian property over the next decade. First-time home buyers tend to be 35-44 years old, while downsizers are in the 60-74 year-old age bracket. Those looking for smaller spaces are seeking convenience, low maintenance and like-minded residents. Luxury apartments with five-star facilities downstairs and most importantly, affordably priced properties in the suburbs are ideal for this group of buyers. They also want to stay near family and friends with convenience on their doorstep. First-time home buyers want affordable spaces, the opportunity to improve the property and room to grow. As for those investing in properties, buyers are investing in homes located in the inner city, and the majority are 50 – 64 years of age. P