Buyer hesitancy over price at The Harrington Collection suggest the Golden Age is over

Buyer hesitancy over price at The Harrington Collection suggest the Golden Age is over
Buyer hesitancy over price at The Harrington Collection suggest the Golden Age is over

More than $150 million sold at the sales launch of The Harrington Collection in The Rocks on Saturday morning.

But just 36 of the 58 abodes, including one of two $8 million plus penthouses, sold.

Pricing still reflected the boom times, with fewer interested buyers.

Prices started for the one-bedders from $1.25 million, two-bedders from $2.1 million and three-bedder from $3 million, with spaces ranging from 52 sqm-66 sqm internal for ones, two-bed apartments from 71sqm-100 sqm.

Buyer hesitancy over price at The Harrington Collection suggest the Golden Age is over

The optimist salesman Ben Stewart told Domain he expected the remaining apartments to sell before the end of the month.

Stewart, a senior director at CBRE Residential Projects, had expected the apartments to appeal to downsizers, city professionals and buyers looking for an inner-city “touchdown pad”.

CBRE's chairman of residential projects in Sydney, Justin Brown has noted there had been "a reduction in investors and foreign purchasers within the market that will affect the ability for developers to achieve pre-sales in the future."

"The off the plan market in 2017 normalised ... we saw purchasers seeking value," he told Fairfax Media.

Selling just half of its 131 apartments on the morning of its launch, Castle Residences ranks among the weakest of CBRE off the plan launches this year.

Sales did include the Castle Residences’ penthouse, which sold for $18 million ($62,000 per square metre) at its 203 Castlereagh Street location.

Golden Age Group bought the leasehold, which sits in the historic Baker's Terraces area, from Arena Office Fund for $50 million in 2014.

Buyer hesitancy over price at The Harrington Collection suggest the Golden Age is over

It was a joint development by Golden Age Group and Hannas made up of 49 new apartments, seven town homes and two restored Victorian-era terraces.

The project known as The Harrington Collection will also include commercial office space along with retail.

It will span nine floors to a design by architects FJMT which got instructions from developer Jeff Xu for a smaller boutique development to provide a richer overall experience.

Tags: 
New Developments Golden Age

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