All the apartments in the first-release at Barangaroo sold out at Saturday's early morning launch, including the penthouse which sold for $10.5 million to an Australian expat living in Geneva.
It was Sydney's most highly anticipated apartment launch since Bennelong 20 years ago. And, unless someone knocks something else down, the last CBD waterfront development ever.
Fund manager Chris Donohue, 42, of Neutral Bay and his son, Max, 6, were among the first to arrive in the display suite and snapped up a one-bedder as an investment.
''Not just because of the view in front of you, but there are going to be about 25,000 office workers and they're going to be brand new buildings as well.
''Whether you live here or rent it out to other office workers, it's a great investment or a great place to be.''
Developers Lend Lease and agents CBRE refused to confirm the total value of the apartments sold but with one-bedders at $1 million, two-bedders at $2 million and three-bedders at $3 million, on my calculations total sales exceeded $300 million.
Apart from the $10.5 million paid for the two-level four-bedroom penthouse in a section of the Anadara block known as The Cloud, the sub-penthouse also sold for $7.5 million.
Across Anadara and the other block, Alexander, the prices were up to $40,000 per square metre.
More than 6500 people had registered interest and there were unconfirmed rumours that at least 500 had put down a $10,000 refundable deposit to secure an appointment where they could finalise the purchase.
There were only 159 apartments available.
But when Domain witnessed buyers streaming through the door at 8am to tables of waiting sales agents and conveyancers, there were no tantrums or tears.
Lend Lease's Barangaroo South managing director Andrew Wilson said there were no surprises for buyers on Saturday. ''There's been a lot of planning,'' he said. ''There's been three or four weeks of our customers coming in looking at the apartments [in the display suite], looking through plans ... by today most of our customers know exactly what they want and the prices they want to pay.''
Buyers had been asked to nominate three apartments they were interested in, which perhaps minimised disappointment.
At the front of the queue were buyers who had bought in previous Lend Lease developments and were in a loyalty program.
Arriving at their allocated time, groups of about 20 at a time were allowed entry to the display suite on top of the Macquarie Bank offices in Shelley Street for a transaction that took, on average, 20 minutes. The display suite is right next door to the Barangaroo construction site.
I'm not a Sydneyite, but I visit there regularly, and have some idea of the relative attractions of various premium property districts around the harbour.
And I'm thinking that Barangaroo has just pulled off a huge marketing coup, and not to the favour of the immediate buyers, especially if they want to "live" in Sydney outside the confines of the promised casino precinct.
Geographically, the marketers appear to have achieved hyper-premium interest and value for the least-premium geographical segment of what could arguably be considered Sydney "City" or "CBD" (at least by a foreigner). It's on the wrong side of the Bradfield Hwy feeding off the Harbour Bridge, and is effectively disconnected therefore from any "walkable" part of inner Sydney. So the close physical connection usualy desired between premium residential real-estate units, and premium shops and services, in Barangaroo, is entirely dependent on future development within the Barangaroo casino-precinct itself.
Perhaps there is no tension between the "local-precinct" interests of high-income and/or high-net-worth owner-occupiers in Barangaroo, and those of pure investor-owners in Barangaroo, and those of the high-roller-oriented Barangaroo-oriented casino itself (aka James Packer), but I'd suggest that that's quite unlikely.
To Packer, off-the-plan O/Os and investors in the residential off-shoots of the gambling licence, are economically of ephemeral interest once sold...
I leave the reader to decide what will happen if the potentially differing interests of the Packer and residential camps actually become opposed...?
I leave the reader to decide what will happen if the potentially differing interests of the Packer and residential camps actually become opposed...?
I leave to you that very few people would give a flying fuck.
I'm sure Packer and whomever else has it sewn up that they can't become a bunch of whiny council loving bitches.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
I'm not a Sydneyite, but I visit there regularly, and have some idea of the relative attractions of various premium property districts around the harbour.
And I'm thinking that Barangaroo has just pulled off a huge marketing coup, and not to the favour of the immediate buyers, especially if they want to "live" in Sydney outside the confines of the promised casino precinct.
Geographically, the marketers appear to have achieved hyper-premium interest and value for the least-premium geographical segment of what could arguably be considered Sydney "City" or "CBD" (at least by a foreigner). It's on the wrong side of the Bradfield Hwy feeding off the Harbour Bridge, and is effectively disconnected therefore from any "walkable" part of inner Sydney. So the close physical connection usualy desired between premium residential real-estate units, and premium shops and services, in Barangaroo, is entirely dependent on future development within the Barangaroo casino-precinct itself.
Perhaps there is no tension between the "local-precinct" interests of high-income and/or high-net-worth owner-occupiers in Barangaroo, and those of pure investor-owners in Barangaroo, and those of the high-roller-oriented Barangaroo-oriented casino itself (aka James Packer), but I'd suggest that that's quite unlikely.
To Packer, off-the-plan O/Os and investors in the residential off-shoots of the gambling licence, are economically of ephemeral interest once sold...
I leave the reader to decide what will happen if the potentially differing interests of the Packer and residential camps actually become opposed...?
This is the best of the best, what do you expect, it's like saying wow that golf club is so expensive. Everything is relative. Expensive to who? A Billionaire? Peter :pop:
I leave to you that very few people would give a flying fuck.
I'm sure Packer and whomever else has it sewn up that they can't become a bunch of whiny council loving bitches.
Oh come on.
Some 8-to-10 figure net-worth investor is likely to become at least slightly unhinged over the inherent misalignment of interests, and that is always entertaining.
This is great news if you are a multi millionare, but I guess if you are a multi millionare anything that happens in your life is great. The rest of have to live in the suburbs though and life there has not been so rosy for the past few years. We need affordable housing and if property investors had not been given everything on a silver plate we might just have it. Owning 2 or 3 or more residential houses for profit is like going into the supermarket and buying up all the milk and bread and then selling it down the road for a huge profit. I am discusted in the australian government for allowing this to happen. We need some real change in this country.
Geographically, the marketers appear to have achieved hyper-premium interest and value for the least-premium geographical segment of what could arguably be considered Sydney "City" or "CBD" (at least by a foreigner). It's on the wrong side of the Bradfield Hwy feeding off the Harbour Bridge, and is effectively disconnected therefore from any "walkable" part of inner Sydney. So the close physical connection usualy desired between premium residential real-estate units, and premium shops and services, in Barangaroo, is entirely dependent on future development within the Barangaroo casino-precinct itself.
The highlighted part in particular is not correct, They are building a tunnel/footpath system called "The Wynyard Walk" which means you can walk directly to/from Barangaroo and Wynyard raily station / plaza without any road crossings etc. It will take about 6 minutes they reckon: http://www.transport.nsw.gov.au/projects-wynyard-walk
In addition, the location of Barangaroo means you are a few minutes walk away from The Rocks, King St Wharf, and the theatre district around the old finger wharves etc. You can actually get easily to all these areas from there now - the western distributor (what you called the Bradfield highway), runs as fly-overs in that part of town, so you just walk underneath it anyway. Barangaroo itself will also I expect become a "place to go/be" once all is done and dusted, as it fills the "entertainment precinct hole" that currently exists around there between The Rocks and the King St Wharf area.
So bottom line I can understand why there was so much interest in the residential property available there. It's pretty unique for Sydney.
This is great news if you are a multi millionare, but I guess if you are a multi millionare anything that happens in your life is great. The rest of have to live in the suburbs though and life there has not been so rosy for the past few years. We need affordable housing and if property investors had not been given everything on a silver plate we might just have it. Owning 2 or 3 or more residential houses for profit is like going into the supermarket and buying up all the milk and bread and then selling it down the road for a huge profit. I am discusted in the australian government for allowing this to happen. We need some real change in this country.
That's correct. Sydney is on track to rise 10% this year, fantastic for the parasitic rent seekers and super rich, another big stride towards a dickensian world for the middle class and poor.
The only party that will make housing more affordable is the Stable Population Party.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
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