Rare low density opportunity drives Arncliffe's Duncan House to over 50% sold
Sydney's southern suburb of Arncliffe has become a popular option for prospective apartments buyers pushed out of the city due to increasing affordability constraints.
The suburb has been a hot spot for owner-occupiers due to it's proximity from the CBD, just over 10 kilometres away, and the central train station which makes it just a 15-minute commute.
Much of Arncliffe's new stock is located close to the Princess Highway and Arncliffe Station, which have proven particularly attractive for investors and first home buyers due to the lower entry level.
Developer builder Vortex Property Group has created a different opportunity in the suburb with their recently launched project Duncan House, located on the quieter eastern side of Arncliffe.
The aim for Vortex was to deliver a more suburban lifestyle, away from the hustle and bustle the area is known for. The site is positioned at the top of a crest, meaning the residences benefit from district, city and water views.
It's not just Duncan House's strategic positioning which is attracting buyers, but it's density, which is unlike any other on offer in the area. The boutique project features just 43 apartments, where as most other projects in the area have over 150 apartments.
Tom McIvor, director of LINK Realty who are marketing the project, said the stock so far has been taken up by investors after seeing the opportunity that Arncliffe presents.
"The first 20 or so apartments initially sold to investors before the retail campaign began, but since opening up to the wider market we've experienced a high-level of interest from first home buyers and locals," McIvor said.
"As construction kicks off, we're expecting the owner-occupier interest to start transacting, with the downsizer market coming into play as well."
A lot of the owner-occupier enquiry has come from buyers within 15 minutes of Arncliffe, in search of new stock at an affordable price point close to the city, with a number from further west also showing interest.
NSW's new stamp duty reforms which kicked over in July 1, allowing first home buyers to buy property with no stamp duty if it costs under $800,000, has further fuelled interest in the first home buyer market. All of Duncan House's one-bedroom apartments sit under the cap.
"There's really not a lot of stock across Sydney that's new for under $800,000, so with the one-bedroom apartments priced from $599,000, buyers can experience significant savings when purchasing," McIvor said.
First home buyers will still secure savings of the two-bedroom apartments which start from just over the $800,000 mark. Concessions are now available for property bought between $800,000 and $1 million.
Duncan House will also be home to three-bedroom garden and penthouse apartments, which are seeing interest from local owner-occupiers and downsizers.
Residents will benefit from a range of amenity across the new building, including EV charging bays, an under ground car wash bay, as well as a communal garden and barbecue facilities.