Sphere Developments sold more than $56 million worth of off the plan apartments at its Blacktown project, Altitude Tower.
First home buyers leapt at the chance to enter Sydney’s property market, snapping up apartments priced from $395,000 in Blacktown’s first premium residential high-rise building.
It's estimated first homebuyers made up 25% of today’s purchasers.
The top-selling apartment was a three-bedroom selling for $775,000 with prices per square metre reaching more than $8000 through Colliers International.
Colliers International residential project marketing director David Chittenden said first home buyers took advantage of the government grant, and some help from their parents.
The 24-storey, mixed-use residential tower at the edge of the Blacktown CBD was approved in May by the Sydney West Region Planning Panel with a design by architects Tony Owen Partners.
Located at the corner of Boys and Second Avenue, Altitude Tower will include 19 x one-bedroom, 74 x two-bedroom and 13 with three bedrooms.
Robert Cassab, who heads Sphere Developments with business partner Ben Suttor, says the demand proved Blacktown was an undersupplied market for premium quality apartments in an emerging CBD. Blacktown City Council’s forecast is for the region to grow to 500,000 residents by 2036, requiring 180,000 dwellings.
