Investment in Sydney is not stopping, according to one developer who has seen more than 50% of its development sold before the project officially launched.
The Landing development at Wentworth Point, in Western Sydney, has seen huge demand.
Paul Wainwright, sales and marketing manager from developer Sekisui House said in particular the interest has come from investors and local buyers. The largest single group of buyers are investors.
Asked about the difficult market at the moment for investors, Wainwright said, “If you believe everything you read, you'd think there are no property investors in Sydney.
“Many of the buyers in Landing are investors, with many of them intending to also live there down the track.
“We have not seen a marked downturn in investors because when you are an investor, you have very strict criteria to follow and Landing is meeting those criteria.”
While he admits changes to lending standards have had an impact on the market, he believes it has simply changed the kind of buyer out there.
He said people are really focusing on aspects such as convenient location and with more people deciding to move out of the cities access to public transport and amenities is a key consideration.
He said, “There’s no doubt that this has impacted on the capacity of some segments of the market to borrow, but what we are seeing is the more discerning buyer has emerged.
“Buyers are more discerning these days and they want a home that offers a balance of convenience and calmness in their lives.
“They want a home in a prime location, quality finishes and thoughtful design, a forever-home that addresses the needs of their changing lifestyle and a community that allows them to connect with nature and others living there.”
The development has also seen a large number of buyers who already live in Wentworth Point and this has been a recurring theme in a number of Sekisui House’s developments.
Wainwright said, “Local buyers feel comfortable in their area, their kids go to school there and often their family and friends are located nearby. It’s why so many buyers look close to home when they are considering a purchase.”