Luxury developer Kokoda Property is experiencing skyrocketing demand for its luxury apartment development, ‘Chester’ in Newstead, recording 135 sales totalling $94.9 million in the past seven weeks after a slower-than-expected initial launch.
Designed by Hayball and with interiors by Singapore firm Ministry of Design, the project initially launched with much fanfare in June, however according to the developer, the election and regulatory changes had contributed to a slower than anticipated sales rate.
According to Kokoda Property’s sales and marketing director, Sam Tucker, the project’s recent sales success comes as the “fog appears to be lifting” on market uncertainty and local buyers step back into the market with confidence.
“The federal election definitely created instability and fuelled negative perceptions of inner-city apartment developments in Melbourne and Brisbane,” Tucker said.
“The process was incredibly drawn-out and buyers lost confidence. Now the dust is settling, and we are seeing a return to high levels of demand.
“In stark contrast to earlier this year, throughout August we have experienced substantial interest in Chester’s luxury apartment offerings. We believe the multi residential market in Brisbane is now maturing with discerning investors and owner occupiers turning their heads to high-quality developments in well-performing suburbs outside of the CBD."
“Chester doesn’t have any competitors in the market that are offering the same top-end amenity at a comparable price per square metre. This scarcity is driving its value and buyers are just falling in love with the product,” Tucker said.
One, two and three-bedroom apartments at Chester range in size from 60sqm to 120sqm and are priced from $430,000 to $1.1 million with secure car parking and storage. Three and four-bedroom penthouses at Chester range in size from 158sqm to a substantial 430sqm and are priced from $1.78 million to $3.5 million with secure car parking for multiple vehicles.