Despite the ongoing economic uncertainty across the country, work has begun on a new luxury apartment development – The Rathbone – in Surry Hills, Sydney, signalling that a vibrant residential market lies just beneath the blanket of economic lethargy brought on by the global pandemic.
The Rathbone comprises 33 terrace style apartments – a mix of one, two and three-bedrooms – and two retail tenancies.
AVID Property Group CEO, Cameron Holt says that since the onset of COVID-19, buyers had begun re-evaluating their needs as they spent an increasing amount of time in their homes.
“Buyers are still out there, but they are being highly selective – looking for a premium apartment with ample space, good local amenities and easy access to the city,” he says.
CBRE Residential Projects senior director Ben Stewart says that over the past quarter, the building and construction industry had experienced a flight to quality – as owner-occupiers gravitate to well-designed, quality developments with good amenities on their doorstep.
“Buyers are being very selective at the moment, they are looking for properties with considered design, high level finishing and unique inclusions,” says Stewart.
It is due for completion in mid-2022.