The launch of Mirvac’s ground-breaking new development, The Finery at Waterloo, has seen over 75 per cent of the first stage release of 118 apartments and terraces sold1.
Following the public launch on Saturday Mirvac’s Head of Residential, John Carfi, said the solid result confirmed Mirvac’s confidence in the inner-city apartment market.
“Buyers were very selective in their purchasing decisions and we saw a balanced mix of owner-occupiers and investors, with many repeat Mirvac buyers,” said Mr Carfi. “Overall, it was a younger crowd than usual which we would expect in a location like Waterloo, with the area becoming a magnet for young city-based professionals and students.
“The investor profile was also interesting. We had a number of buyers from Zetland who know the area well and are aware of all the infrastructure coming in the next few years. They were putting a down-payment on an area that they love and believe has huge future potential.”
Paul was one such buyer, having owned his Zetland apartment for two years after returning from eight years living in London. The city-based banker bought a one bedroom apartment for $695,000 and will make a decision about which one he lives in down the track.
“For me it came down to number crunching,” said Paul. “I can get a good rental return at this price and the convenience of the area makes it appealing to tenants.”
Reputation was top of mind for Pymble builder Steave Ham who spent $1.009 million to purchase his first investment property. “I didn’t want to buy off the plan with a company that might delay or cancel and I trust Mirvac to deliver. It’s a big company with the best reputation.”
First home buyers were also out in force, though some were spending more than the average, including a Macquarie Bank accountant, currently renting in Zetland, who paid $1.2 million for the two bedroom apartment he plans to call home.
Located in Sydney’s economic sweet spot, approximately 4km from the city and airport with easy connections to the University of Sydney and University of NSW, The Finery will benefit from future transport infrastructure investment. The NSW Government has announced a Sydney Metro train station at Waterloo and a light rail stop has been proposed at the Gadigal Avenue boundary of the development.
Mr Carfi said public transport and amenity remained priorities in buyers’ decision making.
“Whether it’s a home to live in or rent out, in a big and busy city like Sydney, access to public transport is critical,” said Mr Carfi.
“Amenity is the other big issue and we saw buyers zeroing in on apartments overlooking the densely landscaped wilderness garden that will form an urban oasis in the heart of The Finery.”
Demolition of the existing HPM warehouse at 13-17 Lachlan Street began a fortnight ago, with construction expected to begin later this year.
1) All sales subject to standard cooling off conditions.