Property Development

Sydney tenants head to Infinity by Crown at Green Square as owners of older beachside flats struggle

Sydney tenants head to Infinity by Crown at Green Square as owners of older beachside flats struggle
Written by The ReReport
As seen in the Source link, written by couriermail.com.au on 2019-07-04 11:52:08

Crown Group’s director of property management Anthony Caudullo at Infinity By Crown. Picture: Piper Reid

Renters are in the box seat to snap up the best deals in years on older-style apartments with ocean views as younger tenants head to flashy new developments in Green Square.

As agents in Coogee and other coastal suburbs slash rents, it’s a different story at the prominent architectural tower Infinity by Crown.

“We’ve had over 1400 inquiries to rent an apartment here and within four weeks we’ve got more than 60 per cent of it occupied,” Crown Group’s director of property management Anthony Caudullo said.

A studio without a car space can be rented for between $550 and $600 a week while one bedders with media space cost between $580 and $650.

Two-bedroom apartments with a car space cost between $720 and $780 a week.

Three bedroom apartments with car spaces range between $900 and $1300.

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The unique design of Infinity by Crown (above) and an apartment in the tower (below).

Apart from being new and having an iconic looped design by Koichi Takada Architects, the 326 apartments at Infinity by Crown are close to Green Square station and one stop from Central.

There’s a Woolworths next door; the new Green Square Library is open and an aquatic centre is on the way.

Infinity’s facilities include a rooftop pool, rooftop gardens and a sky lounge with views to the city, a spa, gym, music room with a baby-grand piano and a private cinema.

Meanwhile, agents trying to find tenants for older apartments by the coast are struggling.

4/92 Melody St, Coogee is a large apartment with incredible views (above) but could do with a paint job and some new carpet (below).

Just one example — and there are many — is the two-bedroom apartment with car space at 4/92 Melody St, Coogee, which CoreLogic shows was rented out for $950 a week two years ago.

It has a lovely ocean view and is a decent size, but could do with a paint job and some new carpet.

When the most recent tenants moved out, the owners tried for the same rent. That then dropped to $900, then $850 and now it’s $820.

5/87 Bream St, Coogee is in a grand old block (above) and has a sunroom (below).

Ali Godrey, of Home Estate Agents, said: “We’ve had a little bit of inquiry since we relaunched it so fingers crossed someone takes it. It’s going to suit a professional couple or a young family … maybe someone working from home because it’s got such a nice view.”

Ms Godrey said tenants were now spoiled for choice and many chose new developments. “They’re expecting airconditioning in every property, a dishwasher and new lights.”

Another example of an older-style beachside unit that’s had a rent cut is a two-bedroom unit at 5/87 Bream St, Coogee. Last January the top-floor two-bedder with sunroom had an asking rent of $725 a week.

That’s now down to $690 a week via Alex Tinsley of The Agency.

Core Logic figures released June quarter rental data this week that showed Sydney rents are continuing to drop while they’re rising in other capitals.

The median weekly rent in Sydney is $580, down 0.3 per cent over the month and down 2.7 per cent over the past year.

By comparison, the median rent in Melbourne is $458, up 0.1 per cent over the month and up 1.4 per cent in the past year.

Brisbane’s median rent is $435 (up 0.1 per cent over the month; up 1.5 per cent over the year); Adelaide’s is $386 (0.2 per cent; 1.6 per cent); Perth’s is $389 (0.0 per cent; 2.5 per cent); Hobart’s $457 (0.4 per cent; 4.7 per cent); and Darwin’s $456 (-0.1 per cent; -4.7 per cent).