SALES OF AU$46M IN THREE MONTHS
20 NOVEMBER 2019 Leading Australian developer Crown Group has enjoyed a strong boost in sales of over AU$46 million during the last three months and is confident of a promising year in 2020 as Australia’s property market continues to return to buoyancy.
Crown Group Director of Sales Prisca Edwards said confidence had returned to the market across the nation, which was starting to show in Crown Group’s sales results. Across the market generally, this year’s series of Reserve Bank interest rate cuts and the start of the traditionally strong spring-summer sales season had seen buyers return in the nation’s two biggest markets, Sydney and Melbourne, and positive growth in Brisbane.
Sydney enjoyed its second busiest auction week of the year during the second week of November, recording a preliminary (auction) clearance rate of 81 per cent and 664 sales.
A backlog of buyers from winter and limited stock also led to a surge in prices in Australia’s two biggest property markets over October, with unit values increasing 1.85 per cent with the median value of $720,658 in Sydney and 2.37 per cent with the median value of $558,254 in Melbourne.
Nationally, dwelling values grew by 1.2 per cent, the fourth straight month of rising values since July 2019, and the largest monthly gain since May 2015, according to The CoreLogic Home Value Index.
Economists predict that restricted supply of new apartments, indicated by a 20 per cent slump in apartment approvals in July, combined with record low interest rates, could spark a quick rebound in house prices in the months ahead.
AMP Capital Chief Economist Shane Oliver has forecast price growth of about 5 per cent in Sydney and Melbourne in 2020 and an equal increase in 2021, consistent with HSBC’s forecast – single-digit house price growth in 2020 for both Sydney and Melbourne.Mrs. Edwards said sales of apartments had strong growth in August, September and October.
“Crown Group enjoyed a strong surge in sales during the last three months and we expect to see that continue to grow exponentially in 2020,” she said.
“In August, we sold our Sydney developments worth a total of $19.2 million, and in September and October the figures remain strong with over 11 million in sales each month. We see a very strong year ahead, marked by the renewed interest from buyers because of solid market fundamentals: low interest rates, low supply and growing demand.”
Crown Group Director of Sales Prisca Edwards is available for interviews on request.
Images & video
Natasha Granath, PR & Communications Manager at Crown Group
(02) 8904 7051
Lina Guo, Communications Executive at Crown Group
(02) 9925 0088 or 0429 459 510
About Crown Group
Crown Group Holdings (Crown Group) is a leading Australian property group specialising in property development, property investment and serviced apartments. The company was co-founded by architect Mr. Iwan Sunito and engineer Mr. Paul Sathio with its first project in 1996.
Crown Group has successfully completed major developments in Sydney’s best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes and most recently the 25-storey Arc by Crown Group in Sydney CBD and 2017 Property Council of Australia’s Annual Property Congress’ one of the World’s Best Projects Infinity by Crown Group in Green Square.
Today, Crown Group boasts a portfolio of eight major projects under development and in the pipeline. It is currently developing three major projects in the Sydney area: the $500 million five tower precinct Mastery by Crown Group in Waterloo being developed with Mitsubishi Jisho Residence; Waterfall by Crown Group in Waterloo; and Eastlakes Live by Crown Group the most exciting new address in the Eastern Suburbs.
Crown Group launched SKYE Suites in Parramatta in August 2017 and SKYE Suites Sydney in October 2018. It is due to open SKYE Suites Green Square (Sydney) soon.
Crown Group has been awarded more than 30 high-profile industry awards including 2019 Master Builders Association (MBA) NSW Excellence in Construction Awards Best Use of Steel, Best Use of Brick and Best Mixed-Use Development; 2019 Architecture MasterPrize in Mixed Use; 2019 Architizer A+Awards Jury Vote and Popular Choice Awards; 2019 HIA–CSR Australian Housing Awards Best Apartment Complex; 2019 MBA Best Commercial Pool and Best Commercial Spa; 2019 Urban Development Institute of Australia (UDIA) NSW Awards for Excellence in High-Density Development; 2018 Property Guru Best Condo Development and 2015 International Property Awards Best Residential Development Australia, for Arc by Crown Group; 2019 Urban Developer Awards Excellence in Marketing for Mastery by Crown Group; 2019 UDIA NSW Awards for Excellence commendations for Arc and Mastery by Crown Group; 2019 International Property Awards Winner Development Marketing Australia for Eastlakes Live by Crown Group; 2018 UDIA NSW Best Mixed-Use Development and 2016 International Property Awards Best Residential High Rise Architecture Australia for V by Crown Group Parramatta; 2017 Property Council of Australia’s Annual Property Congress’ one of the World’s Best Projects for Infinity by Crown Group; 2017 Master Builders Association NSW Excellence in Construction Awards for Skye by Crown Group; 2015 MBA NSW Excellence in Construction Awards for Viking by Crown Group Waterloo and 2014 UDIA NSW President’s award – considered one of the highest property development accolades in Australia – for the seven-tower, resort-style development Top Ryde City Living.
For the past two years, SKYE Suites Sydney won the Best Tech Hotel award and SKYE Suites Parramatta earned a Highly Commended for Best Serviced Apartment Property at the HM Awards 2018 & 2019.Download the original article