Empty nesters in one harbourside suburb have pounced on a new development built with them in mind, purchasing nine of the 17 units in the first few weeks.
Tim Rees, of CBRE, said given the negativity of the marketplace the high number of early sales in the new Balgowlah Residences in Balgowlah was a huge success.
“Downsizers have been buying and 90 per cent of the buyers are from within 2km of the site,” he said.
“They love the quality of the finish, the layout and the position close to Stockland Shopping Centre,” he said.
The development is on the corner of Sydney Rd and Woodland St, sales are off the plan and completion is expected mid 2020.
The Stockland shopping centre, just metres away, has proved a big magnet for residents and shoppers alike.
When the 240 units above the major centre came to market ten years ago they were quickly snapped up by people wanting low maintenance living and convenience.
Interestingly many of the buyers were older couples who had lived in large family homes in Seaforth and Balgowlah Heights. They were keen to stay in the area they loved and liked the idea of shops downstairs, a gym and pool and good public transport.
Stockland units continue to sell well and have held their prices.
Off the back of that project Balgowlah Residences is offering a smaller development, also between Woodland and Condamine Sts, and again there will be retail outlets downstairs. The five-storey building will have shops on the ground floor.
Balgowlah Residences consists of one, two and three-bedroom apartments, a sub-penthouse and a whole floor penthouse. Prices start at $975,000 with the two-bedroom apartments starting from $1.71 million and the three-bedroom units starting from $2.4 million.
Early bird customers can select their finishes to customise their apartment to their taste.
Each of the apartments are single-level with secure parking plus basement storage and lift access.
Entertainment terraces are as large as 35sqm for effortless indoor-outdoor living.
The apartments have European oak flooring, Calacatta marble inspired stone benchtops and premium Miele appliances.
The Heaton Group, based in Mosman, are the developers. The group is known for its high-end projects and in 2010 it won the Master Builder’s Association award for NSW apartments over $1 million, for a development in Middle Head Rd, Mosman.
Balgowlah Residences was approved after negotiations over the top floor which has been set back in response to neighbour’s concerns. The penthouse is now sitting further to the north on the block.
A display suite is open at 404 Sydney Rd, Balgowlah Wednesday to Sunday 10am to 1pm for people to see plans and finishes.
More than 120 units in Balgowlah have traded over the last 12 months and the median unit price is $1.225 million, according to CoreLogic, which is up 44 per cent in three years.
The REA group pegs Balgowlah as a high demand suburb. On average there are 818 online visits per property in NSW but in Balgowlah that figure rises to 1952 online visits per property. Balgowlah is known for its harbour reserve, its golf club and its all-boy secondary school campus.