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ALAND see apartment investors pour back into to Sydney's west
may 17 Urban
The leading Western Sydney apartment developer,
ALAND, has seen a sharp pick up in investor sales in the last quarter.
At their Parramatta tower, Paramount on Parkes,
ALAND saw a 54 per cent uplift in purchases by investors over the last quarter,
with
ALAND's Chief Executive George Tadrosse saying that demand for quality affordable apartments in Sydney is outstripping supply,
which is good news for savvy investors and homebuyers seeking solid future growth.
"There will be very little stock coming onto the unit market over the next 24 months and that is largely due to increased government
red tape and increased demand from several buyer types," Tadrosse said, suggesting that those who wait might find themselves out of options.
“
Demand for units is high as rising interest rates encourage domestic buyers to shift their focus to the apartment market.
"But now that international borders have opened up, apartment purchasers will also have to face competition from foreign residents who may be
looking to rent or buy in Sydney,” Tadrosse said, adding that the two-fold demand was especially good news for investors.
Located at 14-20
Parkes Street Harris Street, Paramount on Parkes offers a mix of one, two and three-bedroom apartments across a 39-level building,
along with a resort-inspired pool with a 300 sqm terrace and barbecue area, lush landscaping, and residents’-only children’s play areas.
Construction is well underway on the project and completion is slated for late 2023.
The supply shortage is only set to be exacerbated by the recent announcement to raise the home loan deposit scheme threshold to $900,000 this coming July
allowing more first home buyers and first-time investors to enter the market while they can.
While this month’s interest rate rise has given both owner-occupiers and investors pause for thought, Sydney’s unit market remains strong
and is shaping up as a popular space for homebuyers, investors and renters alike.
Bianca Anton, General Manager of
ALAND, said switched on investors are realising the true value of bricks and mortar as a long-term strategy
and see units as the more affordable path to that financial freedom.
“Buyers are becoming more educated about the pending gap in their wealth creation so are looking for ways to ride the apartment price wave as far as possible.
And with only a limited amount of new apartments available in Sydney right now, it really is a race of
‘first in, best dressed’ especially for those seeking to secure quality property,” she said.
