Aqualand reaps rewards of high-end property surge with $150 million in 2023 sales
Sydney's luxury real estate market is leading the charge in the city's latest housing boom.
After more than a year of stagnant prices, the national housing market has recorded a month-on-month increase, largely driven by a 1.4 per cent surge in Sydney.
Prominent Sydney developer Aqualand has benefitted from the change in both sentiment and prices over 2023, securing over $150 million in sales from BLUE at Lavender Bay, The REVY in Pyrmont, and AURA by Aqualand in North Sydney.
North Sydney, in particular, has seen strong activity, according to Ray White Chief Economist Nerida Conisbee.
“The depth of the buyer pool for the top-end of the market is a stand-out, while North Sydney and the broader north shore continues to outperform,” Conisbee said.
“We’re now consistently seeing house price growth across Sydney, led by the top quartile of the market.”
Aqualand’s $1 billion AURA by Aqualand project did most of the heavy lifting across the portfolio, securing over $100 million since the turn of the year, a sign of the city’s unwavering demand for high-end apartments.
Alex Adams, Aqualand's Head of Sales and Marketing, said the strong sales at AURA reflect the unique offering the group has created, which they believe is a positive sign for the broader luxury apartment market in Sydney.
"We’ve experienced month-on-month growth since November 2022 with a spike in sales every month this year,” Adams said.
“We’ve seen a breadth of sales across all apartment types at AURA buoyed by major public domain improvements, transport development and the robust growth potential of North Sydney more broadly.”
A buyer recently purchased two adjoining four-bedroom sub penthouses for $12 million.
Other notable prime sales at AURA include two four-bedroom apartments, which sold for $7,115,000 and $7,250,000, as well as a three-bedroom apartment for just under $5 million.
“The majority of sales have been from buyers from the lower and upper north shore with buyer activity led by owner-occupiers and downsizers," Adams added.
“AURA’s performance is a key indicator of this robust market, setting the stage for an exceptional year in luxury residential sales.”
Meanwhile, The REVY in Pyrmont has exceeded $20 million in sales over the last three months and over $35 million has been achieved at BLUE at Lavender Bay, with both projects expected to be selling out soon.
House price growth is expected to continue thanks to fewer building approvals, returning overseas migration and chronic rental shortages, with Sydney unit rents up 18.1 per cent year-on-year. Sydney’s prime price performance trended above the average global annual growth, as reported in the Knight Frank Prime Global Cities Index.
“For those able to transact in this market, there are strong indicators for further growth in Sydney house prices over the medium- to long-term,” Conisbee said.
“Sydney’s prices have jumped 4.1 per cent since December. There’s a dire shortage of stock, while persistent rental shortages will only add further pressure.”
The upward trend will continue to create demand for well-located, high-quality apartments, according to Adams.
“The opportunity to invest in a project which has construction nearing its peak, such as AURA, is extremely attractive to buyers," he said.
“Our buyers also understand what a unique offering AURA is. It really is incomparable to any other projects on the north shore.
“Our hospitality and services business, Etymon Projects, has collaborated with designers to craft an artfully curated selection of venues in AURA’s podium levels, including a providore, bakery, café and wine bar, an all-day diner and a contemporary Japanese restaurant.
“This will serve to enhance and enrich the lives of residents living above a vibrant and refined culinary scene, while also creating a new neighbourhood destination that will be a beacon for visitors and residents in the broader metropolitan area.”
“Residents will also have access to a 5-star luxury hotel-style concierge to cater to their everyday lifestyle and special occasion needs. This service goes well beyond what’s normally available in apartment buildings and has been extremely well received in our BLUE at Lavender Bay project.
“It also appears that AURA is set to be the last North Sydney project to benefit from substantial parking for residents as North Sydney Council plans to enforce parking ratios on future projects."
In addition to the onsite parking, residents will have convenient access to the future Victoria Cross Station next door or use the exclusive pool of Tesla electric vehicles we’re providing.
