Almost all sub-$600,000 units in Wentworth Point development St Tropez sold as NSW build bonus deadline looms

Almost all sub-$600,000 units in Wentworth Point development St Tropez sold as NSW build bonus deadline looms
Cassidy KnowltonDecember 8, 2020

About 60% of the apartments in Sekisui House’s development St Tropez have been sold about two months after the development came onto the market in late March.

St Tropez is the last and the most prestige development in Sekisui’s The Waterfront project at Wentworth Point, about 16 kilometres from Sydney CBD.

The developer has sold 93 of the 154 one-, two- and three-bedroom apartments thus far. There will be 32 one-bedroom apartments, which will range from 50 to 67 square metres and will start from $425,000. The 91 two-bedroom apartments will start from $575,000 and will range from 78 to 100 square metres. The 31 three-bedroom apartments, which start from $800,000, will be between 111 and 187 square metres.

Of those that have sold, 60 are under the NSW government's $600,000 threshold for the home builder's bonus, which exempts investors and owner-occupiers from stamp duty on properties under this price point. The bonus expires on July 1. There is just one apartment, a one-bedroom unit, remaining for under $600,000.

Wentworth Point is a relatively new suburb, having been officially named in October 2011 and now home to about 5,000 residents. The suburb was formerly part of Homebush Bay and is adjacent to the suburb of Olympic Park. The median sale price for apartments in Wentworth Point is $478,000, and the median price went up 5.1% in the past year, according to RP Data. The median asking rent is $490 per week, and the indicative gross rental yield for Wentworth Point apartments is 5.3%.

“The Waterfront has become very well known, with residents in surrounding suburbs and many – even some existing residents within the immediate community - have been waiting for their chance to buy into St Tropez,” says Paul Wainwright, Sekisui House sales and marketing operations.

Wainwright says St Tropez appeals to both owner-occupiers and investors.

“Rental vacancy sits at less than 2% in this area, so interest from investors has always been strong. But buyers looking for the prestige of a waterfront apartment to call home are also making their move. They know this is their last chance,” he says.

Sekisui House is also behind The Hermitage, a master-planned community in the brand-new Sydney suburb of Gledswood Hill, and Central Park, in partnership with Frasers, in Chippendale.

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