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Mar
19
2020

FOREIGN BUYERS POUNCE ON DROP IN COST OF AUSTRALIAN HOMES

$9 MILLION WORTH OF OFF-THE-PLAN APARTMENTS SOLD IN THREE WEEKS

19 MARCH 2020 Leading Australian property developer Crown Group has enjoyed a remarkably strong sales month during mid-February and early March, selling nearly $9 million worth of off-the-plan apartments at its Japanese-themed development, Mastery by Crown Group. This is set to surge, with interest rates set to drop further and the changing value of the Australian dollar offering foreign buyers great opportunities for good deals.

Crown Group COO Sales & Marketing Prisca Edwards said the surprisingly strong February sales results showed that buyers were still out there and were seeing the appeal of good quality off-the-plan properties, at great rates.

“Savvy investors will always look long-term and will look beyond testing conditions, to seek out reputable developers and good investment opportunities that are well located,” she said.

“Buyers are enjoying the lowest interest rates in history right now and it looks like there are further cuts ahead. Our overseas buyers are now seeing opportunities to take advantage of the changing value of the Australian dollar to get a great rate on exchanging currency.

“It’s as though they are getting a ‘discounted’ price. Anecdotally we are hearing this from multiple sources – one Singaporean buyer said it was now 14% cheaper for them to buy a property in Australia due to the current exchange rate. They are striking now while the iron is hot because they see an opportunity to make capital gains in the long-term, with a good purchase price now.”

The RBA is expected to cut the cash rates in Australia to a record low 0.25% today.

Mastery by Crown Group is offering homes with great appeal because of its spectacular point of difference and lifestyle. The $500 million development being developed in conjunction with Mitsubishi Estate Asia will comprise 368 luxury apartments across five distinctive buildings designed by three different architects, all with a Japanese aesthetic and design scheme.

World-renowned Japanese architect Kengo Kuma has designed one of the five buildings, dubbed as ‘stacked forest’ with greenery on its façade. Three further towers are the work of award-winning Koichi Takada Architects, while the fifth residential building is designed by established Sydney based architects Silvester Fuller.

Apartment interiors are also designed by Koichi Takada Architects and feature modern and sophisticated materials in warm timber tones, inspired by the Japanese notion of the interplay of light (hikari) and shadow (kage).

Only 4km from Sydney’s centre, Mastery by Crown Group is due for completion in 2022/2023 and will offer an infinity-edge rooftop pool, gym, spa, mini-cinema, community room and a ground-floor retail precinct comprising a mix of restaurants, cafes and shops, as well as Sydney’s first Japanese eat street.

A limited collection of luxury apartments in Mastery by Crown Group is for available for sale starting from $673,000. Two penthouses, offering some of the only Sydney penthouses in Sydney to feature a traditional Japanese hinoki timber onsen style bath, are also for sale priced from $3,788,000 to $4,929,000.

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