Sydney's Central Park, Wolli Creek and Green Square units in strong demand: Herron Todd White
Entry level property investors and first time buyers, cashed up older downsizers buying an executive unit following the sale of the family home and international investors are keen for off the plan apartments in Sydney, according to Herron Todd White.
The Herron Todd White residential month in review for September found significant growth for high-rise and high density apartments within the inner Sydney area in suburbs such as Barangaroo, Central Park, Ashmore Precinct, Green Square, Harold Park, Wolli Creek Precinct and Mascot.
Typical price entry points for off the plan below for Zetland, Wolli Creek and Mascot.
The report said many Sydneysiders are buying units off the plan and waiting up to three years before occupation is available which is risky in the current market.
"Buyers have seen prices rise from when they originally purchased the unit to when they settle," the report noted.
"Risks associated with buying off the plan is if the market declines they are stuck at the higher price and have to wait it out until the market settles and catches up. In some cases this can take years.
"This has been seen in areas where supply has flooded the market and values have stalled or dropped."