Young professionals look to Five Dock's premium off the plan apartment market as Sydney housing affordability issues rise
The growing housing affordability issues in Sydney has seen young professionals target off the plan apartments, particularly in Sydney's inner west.
The Five Dock apartment project Catania, developed by Metway Developments, has seen a number of buyers who want live in the waterside suburb.
Stefan Jones at 365 Property has seen downsizers, or rightsizers, buy in to the apartment project of 34, but also young professionals, who have been priced out of the housing market and are now more keen on high end apartments.
"If they [young professionals], want to get in to that Five Dock, Drummonye, Abbotsford area then houses are becoming too expensive," Jones says.
Catania, which comprises two buildings inspired by classic modernist architecture, was designed by BKA and are crowned by an exclusive rooftop garden and entertainers’ terrace with views to Hen and Chicken Bay.
There are 22 two bedroom apartments, six one beds and six three bedroom apartments.
One build has 19 apartments across six storeys, the other with 15 across four storeys.
Sales kicked off in July last year, and Jones says that, while the market is a bit different to the COVID-19 hit 2020, Five Dock is quite an insular location with not much stock.
"Even during a tough market, Five Dock tends to stand quite well", Jones says, adding that apartment living has always been popular in the area and hasn't really faltered or wavered in any way.
Jones says the apartment market at the moment is full of discerning buyers wanting quality and size.
"If you're developing a standard apartment project you're going to struggle," Jones says.
So far 21 of the 34 apartments have sold. One bedroom apartments start from $779,000, two bedders from $949,000 and the three bedroom penthouses from $1.7 million.
Construction began in September and is slated for completion in December.