City Beat July 2024: Sydney units continue to outperform houses

City Beat July 2024: Sydney units continue to outperform houses
Joel Robinson July 8, 2024CITY BEAT

Unit values in Sydney are continuing to trend higher over 2024.

CoreLogic's Monthly Hedonic Index showed another 0.7 per cent rise in unit values across June, following 0.7 per cent gains in May and 0.6 in April.

It was another month units outstripped houses in the harbour capital. House values rose 0.3 per cent in June to be one per cent up over the rolling quarter. Units are now up 1.4 per cent over the same period.

June marked the end of the financial year. Over the 12 months, units in Sydney are up five per cent, to a new median $855,000.

What happened in Sydney’s off the plan apartment market in June

The biggest news from the off the plan market in Sydney came from North Sydney where Aqualand officially opened their mixed-use precinct, AURA by Aqualand.

Aqualand Managing Director Jin Lin said the project’s completion in time for Aqualand’s tenth anniversary was fortuitous as it perfectly showcases what Aqualand has come to stand for over the last decade.

Aqualand’s Head of Sales and Marketing, Alex Adams, said AURA’s completion is the start of an exciting new phase in the project’s customer journey.

City Beat July 2024: Sydney units continue to outperform houses

“AURA is no longer an off the plan project," Adams says.

"It’s now complete and move-in ready. This removes any uncertainty in a potential buyer’s mind about purchasing off-the-plan, as they now have no doubt about the build quality. They can now see and feel the construction standards we insist on first-hand."

Towering 28 levels above the streetscape and commanding stunning views of Sydney Harbour, the striking $1 billion Woods Bagot-designed mixed-use residential community features 386 apartments above a richly landscaped community precinct, including a two-level curated food and beverage podium with four world-class venues operated by their hospitality business, Etymon Projects.

Read more: Aqualand officially opens landmark North Sydney apartment development, AURA by Aqualand

One of the next mixed-use precincts to complete across Sydney is Mason & Main in Merrylands by Coronation Property

Mason & Main has been designed to be the leader of gentrification in the area, with not only an influx of well-designed apartments by Woods Bagot, but to create a central precinct that goes beyond the four walls of the home.

The five towers, a mix of build-to-rent and build-to-sell, will sit above a cool 'Eat Street', which is expected to be open later this year, with a string of hospitality venues and retailers set to create an all-round lifestyle hub for both residents of Mason & Main as well as the wider community.

Coronation just revealed a completed two-bedroom apartment so prospective purchasers can see exactly what they're buying.

Coronation is expecting construction to be completed by the end of the year, with buyers moving in shortly after.

Read more: Inside Mason & Main Merrylands: Urban's display apartment tour of Coronation's latest placemaking project

There were plenty of development applications across Greater Sydney in June, particularly in Sydney's east. The most interesting plans came from Rose Bay where Eastern Suburbs developer Orosi is taking on its largest project to date, filing plans for a new shoptop development at the gateway to Rose Bay.

The integrated developer, who serves as both the architect and builder of its projects, designed the building to offer 50 apartments spanning across a structure that ranges from four to five levels.

There will be 34 two-bedroom apartments and 16 three-bed apartments.

City Beat July 2024: Sydney units continue to outperform houses

It was last year that Orosi, led by Founder and Managing Director Hamid Samavi, secured the vast 3,000 sqm site, a two year-long amalgamation of several lots over The Avenue, Old South Head Road and William Street.

Samavi told Urban the vision is to create an iconic landmark that serves as a welcoming gateway to Rose Bay.

"OROSI Rose Bay will set a new benchmark for architecture and sustainability in The Eastern Suburbs, featuring state-of-the-art facilities and curated retail spaces, including a Kosher café, an organic restaurant, and Sydney’s most iconic wellness centre," Samavi said.

Read more: First look exclusive: Orosi plan Rose Bay shoptop on key gateway site

There were equally striking development plans filed in the nearby Woollahra where Rafi Assouline's HSN Property Group is seeking to build a luxury seven-level building at 370 Edgecliff Road.

City Beat July 2024: Sydney units continue to outperform houses

HSN, who has its own building arm, has proposed 19 two and three-bedroom apartments on the X sqm site near the Wolper Jewish Hospital and Matt Moran's The Chiswick.

PBD Architects has drawn up the plans for the building that "aims to blend with the existing streetscape of Edgecliff Road, incorporating heritage-style elements with a contemporary approach characterised by a symmetrical design, grounded columns, natural stone and zinc for the façade to create a timeless aesthetic."

Read more: First look exclusive: HSN submit plans for $22 million Woollahra apartment development

The highest density development submitted across the east was in Bondi Junction, by one of the suburb's most prolific developers.

No single developer has contributed to the apartment market in Bondi Junction more than local developer Stargate Property Group.

City Beat July 2024: Sydney units continue to outperform houses

Currently building Centennial Collection, Stargate is staying on Oxford Street where they've submitted $80 million plans for two towers at 362-384 Oxford Street, an amalgamated site on the corner of Oxford and Newland Street.

The new 15-level project will have 111 apartments, a mix of 48 one-bed, 52 two-bed, and 11 three-bedroom apartments. The building will be split into two sections, connected by an internal bridge.

There will be a communal rooftop with resident amenities, as well as commercial spaces on the first two levels.

Read more: First look exclusive: Stargate seek new Oxford St, Bondi Junction apartment development

North of the bridge, TWT revealed another stage of its $1 billion-plus masterplan in St Leonards.

They submitted plans for what was initially called The Collective, but on recent documents was dubbed TWT Village. The two mixed-use buildings will home 137 apartments above retail, hospitality, and commercial office space.

The buildings will be developed on a 4210 sqm site encompassing 55-69 Chandos Street and 71-89 Chandos Street.

City Beat July 2024: Sydney units continue to outperform houses

Smart Design Studio has put together plans for the two 11 and 12-level buildings, suggesting in their design statement that the large mixed-use sits within the evolving town centre of St Leonards and is a wonderful opportunity to create a distinctive and appealing architectural and urban response.

Read more: First look exclusive: TWT expand $1 billion St Leonards precinct

Double Bay developer SJD is heading north, to Northbridge, where they're proposing a new $45 million development comprising 24 apartments above street-level retail at 57-69 Strathallen Avenue, just off Sailors Bay Road and not far from Northbridge Plaza.

 

City Beat July 2024: Sydney units continue to outperform houses

Bates Smart has designed the five-level building which has a mix of just three and four-bedroom apartments. Two EV charging bays will feature in the two-level basement that will cater for 51 cars for both residential and retail use.

Read more: First look: Northbridge Hotel to make way for new mixed-use development

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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