It’s all Change at the Junction
Sydney Morning Herald / 16 August 2013
‘Bondi Junction might once have been considered Bondi Beach’s poor cousin but it’s now full steam ahead for an apartments boom after home buyers snapped up 90 of the 93 new apartemnts in a new building on the first weekend of its release.
Project marketers say the shock off-the-plan near-sellout last weekend of the 20-storey tower Capitol is an encouraging sign… Half the Capitol buyers were local investors, with some planning to move in later. Most one-bedders (priced from $495,000-$770,000) will attract yields of between 5 per cent and 6 per cent. And owner-occupiers in two-bedders (from $950,000) and three-bedders (from $1.2 million) will enjoy sweeping views of the city skyline and harbour when the project is complete in mid-2015.
“It was an incredible result”, says Tim Rees of Capitol’s agents, CBRE. “It shows how much pent-up demand there is for good-quality new apartments at Bondi Junction. I imagine everyone will now be heading there and we’ll see a real rejuvination of Bondi Junction. The area hasnt had any high-quality new residential accomodation in five or six years, but now we’re seeing the start, with plenty more to come.”
The appeal of Bondi Junction for developers and home buyers is obvious. As one of only three areas in the eastern suburbs with its own train station and a bus interchange that more than 39,000 people use every day, it’s a transport hub, while still being close to the beach and Centennial Park. It also has some of the best shopping in Sydney…’
Extracts from article by Susan Wellings.