Off the plan apartment investors descend on Norwest
Investor demand for off the plan property in Norwest has spiked in recent months, PRD Norwest Director David Inkster says.
Inkster is managing sales at Haitchin Group's Infinity Park, where he's secured a number of sales to those taking a longer term view of the market.
“Despite 12 interest rate rises in the past 13 months and several more expected later this year, off-the-plan sales remain strong at Infinity Park Norwest, particularly from local downsizers looking to upgrade on lifestyle, investors or investors-occupiers,” he says.
He noted that decreasing future stock levels, strong capital growth and rentals in a high-employment area are driving investors to take a longer-term view.
A recent Market Outlook report by research group Urbis found that the continued growth and development of Norwest, coupled with infrastructure investment in Sydney’s northwest, continues to drive demand.
Norwest has continued to attract affluent residents with the Norwest Business Park providing employment opportunities and a high level of resident amenity, the report found.
Inkster said the Norwest residential precinct is running out of apartments for sale (less than half are left), with purchasing off the plan the only option remaining.
The Turner-designed Infinity Park, which secured development approval in 2019 and its construction certificate in 2023, will comprise 287 apartments across three residential buildings.
The project consists of a 25-storey tower, Marque, along with two five-storey low rise buildings, Alpha and Omega, comprising the most premium two and three-bedroom apartments in the Infinity Park development.
Situated on the most elevated point of Norwest, the project will feature a tropical lagoon-style swimming pool and rooftop outdoor dining communal areas.
Prices at Infinity Park start from $630,000.
Haitchin Group’s General Manager, Robert Tasevski, said one of Infinity Park’s greatest selling points is the enviable lifestyle it will offer residents, positioned within walking distance to the picturesque Castle Hill Country Club, with meticulously designed, generously-sized apartments and expansive balconies.
“The project will capture some of the most far-reaching sweeping views of the Hills district, east of the Sydney CBD and west to the Blue Mountains,” he said.
The residential component of Infinity Park will soon start construction and is due for completion in mid-2025.