Pacific Bondi Beach buyers riding the property wave through to the 2015 tide
The off-the-plan sale of 74 apartments in the Pacific Bondi Beach has been credited as Sydney's most successful post-global financial crisis apartment sales marketing campaign.
The sales, which included $1.9 million for a 70-square-metre one-bedroom apartment, grossed $164 million.
Some speculators secured apartments as a long-term property option given construction will not be completed until November 2015 at the earliest. Exisiting hotel bookings at the Swiss-Grand Resort & Spa mean construction won't begin until mid-2013.
The Campbell Parade apartments – to be developed by Eduard Litver of the Capit.el Group and Allen Linz of Rebel Property Group, who paid $135 million in 2007 – were launched simultaneously on the weekend in Sydney and Hong Kong, with 80% of sales eventuating in Sydney. Buyers were queuing half an hour before sales office doors opened at 8am Saturday morning ready to put down a deposit. The project was also launched at CBRE’s Hong Kong office, and 14 apartments were sold to Hong Kong-based buyers, who were mostly expatriate Australians.
The cheapest sale started at $575,000 for a 35-square-metre studio, with prices peaking at $10.3 million for one of the seven penthouses.
Price per square sales ranged from about $15,000 to $45,000, according to CBRE agent Ben Stewart.
CBRE chairman Justin Brown told News Ltd and Fairfax Media he was negotiating with a local empty-nesters for the $15 million penthouse, with hopes to secure the sale this week.
"It will break the Bondi record for in excess of $50,000 per square metre," Brown says.
It is one of four lighthouse penthouses that remain for sale.
Co-agent Steven Chen of McGrath says there were 3,000-plus inquiries leading up to its launch.
Ceiling heights will typically range between 2.7 metres and 3.1 metres, although some lower floor ceilings in the refurbished Swiss Grand complex will be 2.4 metres.
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The Block's Dan and Dani - last spotted looking around the Melbourne suburb of Kingsville - merely tweeted their acquisition with little fanfare. But there certainly weren't any tweets from the international film star Toni Collette about her recent property journey.
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