When our primely located Waterfall development was launched on Saturday June 17, we were met with an overwhelming level of demand. Within the first hour, buyers had secured $120 million worth of apartments – a new sales record. All told, we saw $300 million of luxury property sold to buyers – primarily from Sydney, but also as far away as Jakarta, Hong Kong and Singapore.
This unprecedented demand is indicative of a wider trend in real estate, with buyers increasingly looking to developments like Waterfall in the wake of recent legislative changes.
Recent changes to stamp duty legislation
The NSW Government’s housing affordability package comes into effect on July 1. It aims to level the playing field between first home buyers and investors, have undoubtedly stimulated demand both in the leadup to the reforms taking effect and after.
For foreign investors, there was a big incentive to purchase off-the-plan property prior to July 1, before the 4 per cent surcharge on stamp duty was doubled to 8 per cent and they were still eligible to defer stamp duty payment for 12 months.
Demand for apartments in Sydney will remain.
As of July 1, demand for apartments in Sydney will remain. While there may be a slight decrease in demand from foreign investors due to heftier costs, luxury developments will be more accessible to first home buyers, with stamp duty concessions giving them more borrowing power.
All the best facilities for urban living
We’re an award-winning property developer with a proven track record of delivering luxury apartment complexes that offer the very best facilities for residents. Retail outlets, gyms, rooftop bars, swimming pools, cinemas, gardens, panoramic views and much more are incorporated into our developments.
With features such as these and a whole host of other luxury developments across Sydney, it’s little wonder that so many buyers and investors can’t wait to get their hands on our offerings.
Luxury property buyers are after more than just a standard apartment; they want something truly extraordinary that offers an experience that transcends the everyday.
We’re all about offering unique and exclusive living experiences through innovative design. Working with award-winning architects from around the world, we create pure architectural masterpieces with unique features such as rooftop infinity pools and cascading man-made waterfalls.
The level of demand we have experienced for our Waterfall apartments has been tremendous. Due to a combination of incentives pushed by recent changes to stamp duty legislation, as well as our strong track record of delivering the very best luxury apartments the city has to offer, we were able to smash our off-the-plan selling records.
Find out more about the development that has everyone in Sydney talking.