16 Oct 2017

Light rail lures apartment buyers to Randwick ahead of The Everest

SOME punters heading to the world’s richest horse race, The Everest, at Randwick bought a new home on the way at the historic Inglis stables nearby.

“We’ve just bought an apartment and now we’re about to walk into the races,” an excited Chris Harb, 35, an accountant, said on Saturday,

He and wife Katrina, 32, paid $1.4 million for a two-bedroom fourth-floor unit in the masterplanned Newmarket Randwick development, which sold $175 million worth of apartments — a sellout of the 128 units in the first stage — at the launch day.

“We’re going to live there … we like that it’s close to the new light rail,” Mr Harb said.

Commentator and former journalist Prue Macsween bought a one-bedroom apartment with study for about $1 million as an investment, which will rent out for about $950 a week.

Colliers International managing director residential, Peter Chittenden, said key transport links and the quality of the apartments, developed by Cbus Property and designed by Bates Smart, had been a big attraction for buyers.

Prices ranged from $780,000 for a one-bedder; $1.2 million for a two-bedder and from $2.2 million for a three-bedder.

The highest price paid on Saturday was $2.8 million for a three-bedroom apartment on the top level, with 270 degree district views.

The developers say they will fast-track stage two of the development, which will eventually consist of 642 apartments and terraces, because of Saturday’s success.

The pre-race sales launch was generally hotter than Sydney’s auction market on the weekend, although CoreLogic’s clearance rates were on an improvement on the past couple of weeks, nudging 70 per cent at 69.4 per cent.

The clearance rate the previous week, when further results came in, ended up at 61.5 per cent, the lowest since the end of 2015.

This week, the highest auction clearance rate was in the eastern suburbs, at 81.48 per cent, though this included properties selling beforehand. The trend to sell prior is continuing, with 24 selling prior and 20 selling under the hammer. The upper north shore was next strongest at 81.01 per cent; northern beaches was 80.65 per cent; inner west 80 per cent; Blacktown 69.23 per cent; Parramatta 59.32 per cent and Ryde 58.33 per cent.

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