Apartment sales spike at Mastery by Crown as Sydney's house market continues surge

The median unit price across Sydney is now some 66 per cent lower than Sydney's median house price which has soared past its record highs.
Apartment sales spike at Mastery by Crown as Sydney's house market continues surge
Joel Robinson May 31, 2021

Prospective house buyers across Sydney are continuing to pivot their property search away from houses, which continue to reach record highs.

CoreLogic recently conducted a study which found 99.9 per cent of houses across Sydney were unaffordable for a quarter of city residents. Houses in more than 1000 suburbs across Sydney were out of reach for the bottom 25 per cent of income earners.

The median unit price across Sydney is now some 66 per cent lower than Sydney's median house price which has soared past its record highs.

It's pushed potential house buyers who are becoming priced out of the housing market toward the apartment market, which is still showing continued growth, however not as strong as the housing market.

Crown Group have reported a spike in sales at their Waterloo project Mastery by Crown, after seeing a 200 per cent increase in traffic and sales in the last two months.

The majority of buyers have been first home buyers not restricted by budget who have held out waiting for a premium first purchase as well as young professionals wanting to live close to the CBD and enjoy all of the conveniences of an inner-city lifestyle.

Crown Group Director of Sales, Prisca Edwards, says that they haven’t been particularly surprised by the sudden rush in sales given the housing market in Sydney has been so hot with FOMO or the fear of missing out and limited supply fuelling the market.

“The sales spike we have experienced at Mastery by Crown Group is a reflection of the state of the market which is common in this type of property cycle where buyers are priced out of houses and buyers are drawn to the many benefits and advantages of apartment living,” Edwards said.

“When the price of houses goes up, units also follows however though there can be a lag. The apartment market is currently in catch up mode to houses,” Edwards said.

Mastery by Crown Group is set to become Australia’s first Japanese-themed residential community designed by acclaimed Japanese architect Kengo Kuma in collaboration with Koichi Takada Architects and Silvester Fuller.

The project will be Kuma’s first residential community in Australia.

The masterplanned community will have five uniquely designed and distinct residential buildings positioned above a 2,175 sqm retail precinct which will home 27 stores and a new Japanese eat street.

Edwards said that buyers will always be looking for apartments to buy in vibrant communities close to restaurants, bars, supermarkets and and other points of interest.

Mastery by Crown Group has been appealing to a wide range of buyers who are looking to secure an affordable home, but not miss out on the luxury and convenience of residing in a well-serviced community.

“From what we’ve seen of Mastery by Crown Group, we have reason to believe that this trend will continue over the next few years and buying into off-the-plan as a wise and viable option for first-home-buyers, upsizers, downsizers and investors alike,” Edwards added.

Buying off-the-plan is becoming an ever more attractive option for first home buyers as well as a promising opportunity for investors with great potential for return, according to many market observers.

“This gives many of us in the industry much hope as people are exercising their confidence in apartment living and leading developers, like Crown Group, that consistently deliver for their buyers,” Edwards said.

“The past year has really altered the market in a way that now points toward the value of large and high-quality apartments as their affordability has endured.”

One bedroom apartments at Crown Mastery start from $765,000, with two bedrooms priced from $1,091,000 and three beds from $1,699,000.

Joel Robinson

Joel Robinson is the Editor in Chief at Urban.com.au, managing Urban's editorial team and creating the largest news cycle for the off the plan property market in the country. Joel has been writing about residential real estate for nearly a decade, following a degree in Business Management with a major in Journalism at Leeds Beckett University in England. He specializes in off the plan apartments, and has a particular interest in the development application process for new projects.

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