DHA’s Crimson Hill releases seventy new apartments

Defence Housing Australia (DHA)’s community development in Sydney’s North Shore will launch seventy properties this weekend with its Canopy release.

Upon completion, Crimson Hill will comprise 345 residences across a number of precincts. The development abuts the Lane Cove national park, a feature Colliers International project director Curtis Field says is a point of difference in the North Shore market.

“I think when you look at that Ku-ring-gai, middle North Shore market, it’s typified by high density apartments along the Pacific Highway; right on the main road, and in and around the train stations as well,” says Field.

“There’s been a history of opposition to a lot of these developments by local residents. They’re up against the highway, and visually they tend to be unattractive. We’ve had quite the opposite response to Crimson Hill, where the community is designed to be harmonious with the bushland.”

According to Field, the local bushland has attracted buyers looking for a lifestyle change.

“We’ve seen purchasers come in who want to downsize and have something brand new, not on the highway, not sitting on the train station, but bordering the bushland,” he says.

“The downsizers are a big component of the market, but we’re also getting a few investors for the one bedroom and two bedroom apartments.

“They can go up back to the highway and buy something, but it’s going to be smaller. These apartments are slightly bigger, with better fixtures. So we’re looking at quality, rather than affordability.”

One bedroom apartments in the Canopy Release are priced from $550,000. Two bedroom apartments start at $650,000 and three bedroom apartments at $860,000. Field says that investors can expect 5% yields from the one and two bedroom apartments.

Upon completion, Crimson Hill residents will have access to a large community centre and a synthetic soccer field, both operated by the Ku-ring-gai council.