The Wellington Collection approaches sellout as construction advances toward completion
National developer Urbex is approaching the sellout of its luxury Manly residential development, The Wellington Collection.
They've sold out each of the six apartments in The Wellington Street building, leaving just two townhomes remaining for sale. The last apartment in the building sold for $2.6 million.
Scaffolding is expecting to come down in the next few weeks, with construction slated for early next year.
“Manly already has significant value in its lifestyle offering, so it was important for any project introduced into the suburb to hit the mark with trade up or down owner-occupiers from interstate, the Sunshine Coast and Brisbane,” Craig Covacich, General Manager of Urbex Realty, said.
Covacich said the slowdown in the real estate sector off the back of interest rate hikes has not mitigated the severity of an undersupplied housing market, magnified by the turbulence developers have had to navigate to deliver their projects.
"Supply chain and labour cost issues have placed many builders and developers in financial distress, some of which have collapsed, and consumers are cautious when purchasing off the plan," Covacich said.
Urbex has its own building division, JMac Constructions, which Covacich says provides a point of difference and grants the business a level of resilience and flexibility.
Covacich believes the townhouse model may also be a solution to the high demand given the housing supply crisis in South-East Queensland.
“With the rise in the population in Queensland and changes to what consumers want in their homes, there is a shift in what the ‘Australian dream’ home looks like. In the past, this was a large block, four-bedroom house and a big backyard. Many are opting for building upwards, rather than outwards, and cutting out the fourth bedroom and investing those saved funds into shaping the urban space and amenities within the dwelling."
The Wellington Collection’s remaining two townhomes span over 460 sqm internally and have three bedrooms, a multi-purpose room, three car spaces, a workshop, an internal lift, and a private plunge pool.