Buyer demand brings forward Southbank's second stage in Wolli Creek

Demand has been strong for Wolli Creek’s Southbank development, with 75% of apartments in stage two snapped up on its launch weekend, totaling $38 million.

The stage two release, also known as Building B, was brought forward 12 weeks following the success of the first release, with more than 85% of apartments sold in Building A.

Southbank is a joint venture between Winten Property Group and Lyon Group Australia and is the latest of 11 residential and mixed-use developments planned in the emerging inner south residential area.

Located on Levey Street, the $80 million Southbank development will comprise of three buildings ranging in height from 10 to 15 storeys and will feature 316 apartments.

With designs by Spence Pearson architecture and interiors by Melbourne-based Hecker Guthrie, Southbank has attracted Australian and off-shore investors alike, who are attracted to the median asking rent of $490, an indicative gross yield of 5.1%.

Colliers property marketing director Curtis Field says Southbank has also appealed to the Gen-Y demographic who have grown up in nearby suburbs.

“We’ve seen approximately 25% of sales from first home buyers who have grown up in the Inner South.

“These young singles, couples and families recognise the huge growth potential of the area and want to get their foot in the door before they are pushed out of the market,” says Field.

Building B will feature 113 apartments over 13 levels with one-bedroom apartments priced from $430,000 and sized from 50 square metres.

Two-bedroom apartments start from $545,000 and are sized from 70 square metres and three-bedroom apartments start from $860,000 and are sized from 105 square metres.

“The Inner South, with Wolli Creek in particular, is well connected to public transport, the Sydney CBD and so many other amenities, making the Southbank project a much needed residential development for a range of people,” says Field.

Only 15 apartments out of 89 remain in the stage one release, with studios starting from $340,000, one-bedroom apartments starting from $585,000 and two-bedroom apartments sarting from $720,000.

Residents will have access to a rooftop pool, set amongst landscaped gardens and a state-of-the-art gym, as well as access to the facilities of the Mercure Sydney Airport Hotel.

“Buyers across the board are seeing the value of Wolli Creek as a long-term real investment,” says Field.

Construction is due to commence in early 2014 and the development has a scheduled completion date of 2016.

There is currently no set month for the release of stage three, also known as Building C, but it will be sometime in 2014.

The median apartment price in Wolli Creek is $510,000, a 23.9% change in the past five years, according to RP Data.