Sirius - 2-60 Cumberland Street, The Rocks

Nautique - 100 Bayswater Road, Rushcutters Bay

Sydney unit values are approaching new highs after CoreLogic's national Home Value Index showed another month of growth for apartments and townhouses in the harbour capital.

Values rose 0.6 per cent over October, taking Sydney's 2023 unit growth to eight per cent.

Despite the median unit value ($832,000) being over $200,000 more than the next most expensive capital city unit median (Melbourne, $615,000), Sydney units have proven to be one of the best performing unit markets in the country over the year, third only to Perth (+9 per cent) and Brisbane (+9.8 per cent).

CoreLogic's overall index has been tracking upwards since&nbsp;finding a trough in January when the market bottomed out after losses over 2022 when the RBA started its rate tightening cycle.

The trend in advertised stock levels remains a critical feature of the market influencing housing trends, CoreLogic Research Director Tim Lawless says.

"After 10 months of below-average vendor activity, the flow of new capital city listings has ramped up through winter and spring to be almost 12 per cent higher than a year ago," Lawless says.

"Although total listings (ie new listings plus relistings) remain lower than this time last year and below the previous five-year average, it is clear that inventory levels are rising."

Sydney's advertised stock levels are 9.3 per cent up through spring.

<h2>What's happening in Sydney's off the plan apartment market?</h2>

Supply has too been one of the leading contributors to the success in the off the plan apartment market for the majority of 2023.

While in October there were <a href="https://www.urban.com.au/news/nsw/five-development-applications-submitted-across-sydney-in-october-2023">some&nbsp;significant development applications submitted</a> which will assist in the supply moving forward, the number of new apartment projects coming to market has been critically low.

Agents across Sydney are reporting that each segment of the market is moving.

Colliers National Director Blake Schulze says there's appetite for luxury apartments, middle tier stock, and the more price pointed units.

Schulze says it's still a strong owner-occupier market, but investor activity has started to pick up. Not so much by way of increase enquiry however, more so a higher conversion from investor enquiry to sale than there has been in a while. The investor purchasing hasn't necessarily been on the most price pointed stock either.

"Investors have a more owner-occupier mindset now," Schulze says.

"They're looking forward to owning it as a short-term investment, but something they will reside in in the future."

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Most of the buyers Schulze and the Colliers team are working with are off the plan buyers for the first time.

"A number of buyers have been priced out of the housing market, and are now looking at apartments as a viable option, and that's all phases of life, whether it be young professionals, young families, or even established families.

"Traditionally the lifecycle of homeownership is that you'd move into an apartment when you're young, move out and buy a house, then maybe downsize and move back into an apartment in later life. Now however, if the apartment is set up right, particularly in a masterplanned, placemaking way with well curated amenity and lifestyle, then the middle phase of that cycle is conducive."

David Highland's Highland Property sold nearly $200 million worth of apartments off the plan in October across their portfolio, holding 2,300 buyer inspections, which he says is an important metric to track.

"It shows buyers are out there, and if not yet transacting, they're starting their journey to do so," Highland said.

Highland recently relaunched Nautique in Rushcutters Bay, the large scale apartment building in the harbourside suburb in 13 years.

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He said the launch gave them a good gauge of what's selling.

"The launch showed there's demand from every segment, with sales from the low $1 million's to $15 million, and everything in between."

Highland says the top end of the market is "incredibly strong."

"Anything over $10 million is selling quickly. There’s not enough stock for this market and we’re getting significant enquiry for this type of product from downsizers. The middle market and investment level are too buoyant given the lack of supply across the majority of Sydney."

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That's been the case over in nearby Elizabeth Bay where Toohey Millers' debut project has seen three out of the five full-floor apartments sales snapped up just a few weeks into the launch. Sales ranged between $8.25 million and $13 million.

CBRE Residential / Stewart Residential's Ben Stewart has been marketing No.1 Onslow Avenue, saying the project has resonated with a number of different buyers.

"While nearly all of the enquiry has come from downsizers, it's not necessarily all been localized," Stewart says, noting that wile Elizabeth Bay, Potts Point and the nearby harbourside suburbs domianted enquiry, there's been interest from the Lower North Shore too.

[smartcode_project:default project_id=141600 project_image_fid=219763]

Stewart puts the success down to the limited supply in an area like Elizabeth Bay. He's also grabbed a couple of sales at&nbsp;Eurangi, the new MH Design Union block of just eight apartment on Bondi Beach's dress circle Campbell Parade.

"Much like Elizabeth Bay, there's only even going to be a limited amount of supply in these premium suburbs, particularly on the streets either on the beach or the harbour."

Stewart is about to launch Muse Potts Point, the joint venture between Toohey Miller and Third.i just off Victoria Street.

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The 13 apartments, designed by WMK Architecture and Mathieson Architects, capture significant harbour views from the higher apartments in the Brougham Street building.

"The great thing about Potts Point is it appeals to such a diverse market," Stewart says.

"There's nothing like Potts Point anywhere else in Sydney. It's got cosmopolitan amenity with a food and restaurant lifestyle, by the way, and the convenience of being to walk into work while looking at the harbour."

Values rose 0.6 per cent over October, taking Sydney's 2023 unit growth to eight per cent

Joel Robinson

City Beat October 2023: All markets transacting in the Sydney off the plan apartment market

Sydney's well-heeled are driving the sales at Nautique,&nbsp;JDH Capital's $300 million Rushcutters Bay apartment development.

Among the buyers is Lionel Lee, chairman of Bing Lee, who bought two two-bedroom apartments with parking for his children.

Orthopaedic surgeon Dr Geoff Rosenberg and wife Julie, the executive officer of the Australian International Development Network, bought a one-bedroom plus study for their daughter.

Oliver Workman, Managing Director of a lighting business, bought a $3.2 million two-bedroom unit with parking for his daughter, whilst Peter Wilding, the CEO of Ian Malouf Family office and Bingo Founder, bought a $3.5 million two-bedroom apartment with parking.

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The Bayswater Road project, a redevelopment of the former Vibe Hotel near Ruscutters Bay Park, is the first major apartment development in the exclusive harbourside suburb in over 13 years.

Currently under construction and is slated for completion in May 2024, nearly 50 per cent of the 123 apartments have been sold. Prices start from $1.1 million.

Each apartment in Nautique will be turn-key and characterised by timber engineered oak flooring, generous living spaces and include a range of integrated appliances including a cooktop, oven and rangehood, dishwasher, fridge and freezer.

Nautique will be crowned by a rooftop pool deck overlooking Sydney Harbour views and a curated veggie garden.

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JDH Capital Founder&nbsp;Jean-Dominique Huynh said Nautique is a "testament to JDH Capital's commitment to redefining luxury living."

"Nautique represents a unique blend of sophisticated design, unmatched amenities, and a community-oriented lifestyle. This project is a testament to our dedication to providing unparalleled experiences for our residents."

Nautique has been&nbsp;built around an in-house Vault House Group dining and workspace venue, which will be located on the ground floor of the project.

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Buyers will also receive a 12-month exclusive membership to the Vault House Group including stunning venues such as the Berrima Vault House, and the recently opened Clarence Vault Rooms.

David Highland, CEO of Highland Property Group, says the membership offers residents access to a world of refined socialising and signature events, granting residents access to speakeasy bars, private dining and co-share workspaces within the Vault Rooms.

"When you buy a Nautique apartment, you also get a one-year membership to The Vault House Group, which is one of Sydney's most exclusive members-only clubs," Highland says.

"We want buyers to realise that they're not just purchasing a home; they're investing in a unique lifestyle and experience that you won't find elsewhere in the market."

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Residents will also have access to a 24/7 concierge service and two shared branded cars.

“In my view, Nautique’s residents will receive nothing short of the epitome of some of the most luxurious premium living in Sydney located on Rushcutters Bay Park and moments to Sydney Harbour with spectacular harbour views, state of the art amenities, an exclusive club membership and an unparalleled return on their investment,” Highland added.

“When you seamlessly pair a premium location of this caliber with the highest standard of residential design, it becomes hard to conceive a more enjoyable home than a Nautique residence.”

JDH Capital are also working on the redevelopment of the well known Sirius building in The Rocks.

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The Bayswater Road project, a redevelopment of the former Vibe Hotel near Ruscutters Bay Park, is the first major apartment development in the exclusive harbourside suburb in over 13 years

Sydney's elite drive sales at Nautique, Rushcutters Bay apartment development

The penthouse in Nautique, a $300m six-level redevelopment of the Vibe Hotel, Rushcutters Bay comes with $10 million hopes.

Strong off-th​e-plan sales saw close to half of the 123 apartments — totalling $140 million plus — find buyers on its Saturday launch in the six-level redevelopment of the Vibe Hotel.

The developer is JDH Capital, who recently marketed the Sirius project in The Rocks.

Constructions starts in December with completion expected by mid-2023.

[smartcode_project:default project_id=108896 project_image_fid=180669]

PTW Architects have undertaken the Nautique design with landscaping by 360 Degrees.

The builder will be Richard Crookes Construction.

Ben Stewart of CBRE is marketing the 100 Bayswater Rd project.

Its one-bedders are priced from $1.1 million; two-bedders from $1.7 million; and three-bedders from $5 million.

[smartcode_project:default project_id=108896 project_image_fid=180669]

The 230sqm penthouse is priced at $10 million plus.

There will be a communal rooftop pool, which faces north overlooking the Rushcutters Bay park and harbour.

Vibe Hotel Rushcutters Bay sold for about $125 million in June.

It had been previously traded at $42.75 million in 2003 when bought by a partnership between Alan Vidor's Toga Group and Greg Shand's Barana Group.

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The project faces north overlooking the park and harbour

jchancellor-FAypfDUnLy

$10 million penthouse offering in Rushcutters Bay apartment development, Nautique

Around $435m worth of apartments were sold on the weekend in the Sydney&rsquo;s Sirius building.

The 60 plus off the plan sales were secured by developer JDH Capital through CBRE with up to $118,000 per square metre results.

Prices started at $1.7 million for one-bedrooms in the redevelopment which is &shy;expected to be finished late next year.

The highest price of the 76 apartments on offer was a penthouse for $35 million which was secured in the days prior to the weekend sales spree.

The NSW government sold the exisiting Sirius building for $150 million in 2019 after the last of the NSW Housing Commission tenants departed the late 1970s building.

CBRE executive chairman Justin Brown and agents Ben Stewart and Ben Wicks noted strong demand after the sales continued through the weekend.

There were purchasers from Point Piper, Coogee, Vaucluse, Longueville, Lindfield and Mosman following 3500 inquiries.

No purchasers required Foreign Investment Review Board approval.

[smartcode_project:default project_id=7363 project_image_fid=41840]

Stewart said it was the biggest weekend project marketing sales tally for many years.&nbsp;

Prior record prices per square metre &shy;included sales in the Opera complex, just across Circular Quay, that fetched a &shy;record-setting $96,400 per square metre off the plan in late 2016.

The Sydney architectural firm BVN, led by Phillip Rossington, have designed the apartments within and atop of the original building to &ldquo;retain, &shy;restore and reimagine&rdquo; the building.

BVN will oversee repairing and stabilising the internal supports, restoring the original concrete fa&ccedil;ade and removing some internal walls and adding open balcony spaces.&nbsp;

The new architectural design elements will see prefabricated pods wrapped in recycled copper.&nbsp;

Kelly Hoppen was commissioned to assist with the interiors.

JDH is &shy;headed by the former Macquarie banker Jean-Dominique Huynh.

There was a $20 million penthouse deal on Sunday by developer JDH Capital

jchancellor

Sirius secures $435 million in weekend OTP project marketing sales

One of the penthouses in the Sirius building at The Rocks has been sold to a $19 million buyer from Coogee, setting a new high for Sydney&rsquo;s luxury apartment market of more than $118,000 a square metre.

A larger $35 million penthouse sale equates to $112,000 a square metre, when the 311 square metre space on top of the original brutalist building sold off the plan for $35 million yesterday to a buyer from Point Piper.

<img alt="" height="850" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sirius_2.jpg" width="1200" />

The apartments were sold through Ben Stewart and the CBRE chairman Justin Brown.

The remaining seven penthouses and 67 pod style apartments will be offered for sale this Saturday.

The boutique development will have a dress circle position overlooking the harbour and Opera House.

<a href="https://www.urban.com.au/developments/sydney-nsw?source_news_article_id=103010&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney-cbd-_template_6.jpg" width="1200" /></a>

The developer JDH Capital is headed by the former Macquarie banker Jean-Dominique Huynh, who commissioned Australian firm BVN to designed the 76 luxury apartments within and atop of the original building.

Prior record prices per square metre include sales in the Opera complex, just across Circular Quay, that fetched a&nbsp;record-setting $96,400 per square metre off the plan in late 2016.&nbsp;

The state government sold the site for $150 million with the building designed in the late 1970s by architect Tao Gofers for the NSW Housing Commission.

&nbsp;

A buyer from Coogee set a new high for the luxury apartment market of more than $118,000 a square metre

JDH Capital

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