Caydon's Black Friday discount apartment gimmick

Melbourne-based property developer Caydon are using Black Friday, a day in the calendar usually earmarked for retailers to drop prices, to offer discounts on 100 apartments across its portfolio.

Caydon said its Black Friday sale was not a response to the weak off the plan apartment market.

Buyers will have the opportunity from 6am on Friday to book an appointment for the weekend and to then process the paperwork before the end of the year.

Caydon have unsold off the plan apartment stock in Cremorne, Flemington, Ivanhoe, Northcote, Moonee Ponds and Preston. 

They are offering discounts on one, two and three bedroom apartments in their off the plan Moonee Ponds apartment development Rise (above and below)

The one bedders start from $384,000, two bedrooms from $577,000 and three bedrooms from $936,000.

Buyers of the Rise Skyhomes will have exclusive use of The Conservatory, a private skyhigh bar and outdoor deck.

In the 29 level development there will also be a tranquil pool and spa known as Stonewater, and Club Rise, a fully appointed gym with dedicated yoga section.

Rise will also include a private skyhigh bar and 

Rise sits in Caydon's masterplanned Mason Square precinct.

Caydon's international marketing director Steve Williams said the company had seen turnover increase 25 percent above last year and revenue growth had been even higher.

He said the Black Friday sale was an innovative approach to marketing property.

“The property market has not traditionally recognised or followed seasonal spending habits in line with the consumer retail calendar, so the prospect of making significant savings in every price bracket for new apartments has been virtually non-existent until now,” Williams told The Australian.

Caydon chief executive Joe Russo said the Black Friday initiative would provide an opportunity for buyers, noting it had becoming increasingly challenging for first-home buyers, downsizers and investors. 

Caydon will cut prices in eight Melbourne projects including a $100,838 discount for a three-bedroom apartment at The Malt District development in Cremorne.

Its website shows a three-bedroom apartment in the development priced at around $1.24 million.

Caydon says 57 per cent of Australians are expected to make a retail purchase in a store or online this Friday.

Over the year to date, Melbourne apartment prices have declined 1.5 percent, according to CoreLogic.

Capital Economics suggest the declines could reach eight percent this year.

Its chief economist Paul Dales has noted "units look much more vulnerable than single dwellings, while Melbourne appears to be the most exposed of the eight capital cities."