Bondi Junction turns around

Aug 25, 2013

Property Observer / 16 August 2013

‘Bondi Junction turned around its ageing Cinderella property status in five hours last Saturday. The property developer Legacy Property secured the off the plan sale of 90 apartments – a sale every four minutes in their Capitol offering.

There are just the three apartments still yet to find buyers…. Interestingly the developers of 253 Oxford Street, Bondi Junction commissioned Dickson Rothschild to undertake the Capitol project… they did the urban design for Westfield, Sydney CBD – and also BKH, the cutting edge architectural and interior design practice headed by Iain Halliday.

But its the position which has been the sleeper for the precinct; the proximity to the city via public transport is its key selling point, especially for the young renter. The new developments are within walking distance of Bondi Junction station, along with bus services to either the city or nearby eastern suburb desitinations. Investors are offering not just shopping and entertainment proximity as their are parklands close by including Centennial Park.

Families are quite the same dominant demographic as young renters and empty nesters, but the suburbs has schools in easy reach including the well-respected Woollahra Public School.

Capitol also has views of the harbour.

Local investors made up most of the buyers through agents CBRE. Half the buyers were local investors, with many planning to possibly move in down the track. Studio apartments were marketed as starting at $495,000 but with a $575,000 upper end. Most one-bedders that were priced from $495,000 to $770,000 would sold at yields of between 5% and 6%. The Australian Financial Review suggsted the buyers were paying $14,500 per square metre with $17,500 per square metre for the choice offerings. Hyder said Waverley Council fought the project “tooth and nail” which was the backdrop for the limited stock.’

Extracts from article by Jonathan Chancellor