A relatively new Sydney apartment with a view sold for $1.465 million in 2017. With pandemic-era investors focussing on houses, this one went backwards in price.
A two-bedroom apartment with parking at 1200/211 Pacific Highway, Skye by Crown Group, North Sydney, NSW. Sold by private treaty after auction for $1.45 million.The two-bedroom apartment at 1200/211 Pacific Highway, Skye by Crown Group in North Sydney sold for $1.45 million.It’s in the most popular building in North Sydney and second, it comes with a study. Lots of people these days are working from home and a study is very popular. Third is the view.
The apartment was “good real estate” but failed to enjoy the upside of other housing types due to the pandemic.In the past, all the investment was about apartments. If people are buying apartments these days they are a) experienced investors and b) they are looking for a bargain. There are a lot of bargains around.It hasn’t suffered on the downside, it just hadn’t benefited from the upside. It didn’t go up to $1.8 million and drop back to $1.45 million.
I don’t think I’ve seen in my 30-plus years in the game a 10- or seven-year period when one part of the market has gone up zero and another has gone up 300 per cent – that’s a huge disparity. That’s not just up 20 per cent v 30 per cent.More and more people want to buy a house because of the pandemic. That is definitely a shift for a lot of investors. Before, it was apartments. Now, I’ve never seen so many people coming and saying: ‘I want to buy a house’.
Next week. The result of this was that market value was achieved on the day. There’s no reason for that not to occur every week. There are three buildings within 100 metres of each other on the Pacific Highway, each with 200 apartments. There are 600 apartments on that stripMost importantly these days – we’re telling renters as well – if you want to live in a nice area, like North Sydney there are bargains around. They can afford it.
covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne.
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