Luxury off the plan apartment demand back as Heyington Toorak secures over 50% of sales
The luxury apartment sector has been the final piece to fall back in to place following the COVID-19 pandemic effect on real estate.
That's the view of Kay & Burton director of special projects Damon Krongold, who said the whole luxury apartment sector shut down.
"Everything went on hold", Krongold said, particularly the downsizer demographic.
"That demographic froze in situ and it has been the last area of the property market to come back," Krongold added.
However the market is now back, with the increased momentum for transactions in existing homes starting to filter through to the luxury apartment sector once more.
Krongold says there's been a genuine spike in recent weeks for products such as Heyington, the luxury Sterling Capital developed boutique apartment project in the heart of Toorak.
Heyington, designed by Carr Architecture in collaboration with landscape architecture firm Acre, has just 12 apartments, each having three bedrooms. Over 50 per cent of apartments have now sold in the block.
Krongold advises it's been the natural trend of those selling, with locals and the immediate surrounding areas the most keen on the project.
"They're selling out their larger homes which have high maintenance and gardens and are wanting a turn-key solution and lifestyle," Krongold says.
He suggests the pull of Heyington's location has been a drawcard, with that demographic keen on being closer to amenities such as Toorak village and near the Monash freeway to get out of town to go beachside and head down to the Peninsula.
Heyington apartments, featuring genuine stone, start from $3,295,000.
The two ground floor apartments feature large outdoor planted gardens, spanning 115 sqm and 189 sqm, larger than most gardens in metropolitan Melbourne houses.
Apartment 103 features over 240 sqm of outdoor terraces, both hard-paved and landscaped, with its own swimming pool. That's priced at $4,851,000.
Construction is slated for completion around four to six weeks sooner than expected despite the COVID-19 interruptions, with residents expected to move in in late 2021.