Waterloo, Sydney sees sell-out of ORE’s 53 apartments
In a suburb being called an ‘up and comer’, ORE in Waterloo, Sydney has sold out, with plans for construction to complete in September.
Located at Waterloo’s 18-22 Amelia Street, ORE is a luxury development with 53 one, two and three bedroom apartments spanning eight levels with lift access.
Sold at a price said to be “considerably higher than the median asking price” for local apartments, Mainland Chinese buyers are behind a number of the purchases. Back when the development was advertised, prices were recorded for one bedroom from $495,000 and two bedrooms from $599,000. Median prices have steeply risen over the past years, currently sitting at $640,500 for apartments. At the beginning of 2012, after a dip from 2011, the median sat at $513,500.
Project marketers for the development, CPM Realty, said that the sell out is due to a massive shortage of stock, particularly new, within inner Sydney. CPM Realty managing director Sam Elbanna said that a lot of land is being traded, but it’s not all being developed.
“When property is traded and not developed the shortage increases demand,” he said, noting demand is at a high not seen for some time.
“We’ve only got a sprinkling of new apartments around the CBD and we’re putting this down to a strong market but more importantly, not enough new developments to cope with demand.”
Property Observer previously reported that Ore gave a hefty push to bring in first home buyers who may be attracted to the incentives.
The development was designed by MBMO architexts and developed by SG Sans Group.
There is a double storey lobby, and the apartments have balconies, stackable balcony doors, security car parking and green communal spaces.
Some of the apartments were advertised with park views over Moore Park golf course, including the last three-bedroom apartment, on level seven. It was marketed with wool carpets, timber floors, stainless steel smeg appliances, a 10 metre wide balcony with floor-to-ceiling glass, a media desk and storage closets. This three bedroom, two bathroom apartment with 99 square metres of living area and a 19 square metre terrace was advertised at $959,000.
The development was also offering a number of retail opportunities in the “new hip bohemian precinct”, including cafes and potential restaurants across from a planned carpark, that also suggested the sites, with alfresco areas, could be used as convenience or medical stores, as well as office opportunities.
It is noted that in the residential development there is a 70/30 owner occupier to investor split.
