- 150 off-the-plan sales have been recorded this year
- The $1B development will feature a dining precinct near the Cronulla beaches
- Many buyers have purchased several properties
Demand for the Sutherland Shire’s Woolooware Bay development remains high, with close to 150 off-the-plan sales recorded this year alone for the fourth and final stage of the project.
The sales represent more than $170 million worth of property that has garnered interest from both buyers and investors.
Developed by Aoyuan International and Capital Corporation, the $1 billion project will feature 898 apartments with a retail and bayside restaurant precinct located within walking distance to the beaches of Cronulla.
The master plan includes 10,235 sqm of bayfront parklands.
“We have begun to experience migration patterns within the Sydney market, where buyers are less reliant on proximity to the CBD. Rather, we are seeing lifestyle and amenity becoming the major purchasing driver,” said Blake Schulze, National Director Residential Projects at Colliers.
“There is also affordability in comparison to other areas, which makes Woolooware Bay even more attractive to a range of purchasers, including downsizers, young families and first-time buyers.
“We have always had strong interest from locals within the Sutherland Shire, but over recent months we are seeing buyers from other regions including the Eastern Suburbs, Northern Beaches and North Shore.”
Blake Schulze, Colliers
The current sales represent around 75% of the off-the-plan release with completion scheduled for 2023.
The development has been designed by Turner and draws inspiration from South-East Asian resorts.
Features include coastal style, living areas, stone-topped kitchen and engineered timber floors along with a communal sky garden, oasis pool and barbecue areas.
“We have found off-the-plan is very appealing to buyers because they can secure their future now – in today’s market – and they have two years to build savings as they won’t have to make any repayments until completion,” said Luke Barbuto, Partner – Group Sales Operations Manager at Highland Property Group.
“Interestingly many of those buying investment properties at Woolooware Bay are those who are already living in the development.
“This includes a number of ‘mum and dad investors’ who have purchased another apartment with the intention of having a family member – such as an adult child – reside at the property.”
Luke Barbuto, Highland Property Group
