"The Village Observer, Lane Cove" General News, Pages 4-8 - 01 June 2017
The following is an excerpt from the original article linked above. Please visit The Village Observer to read the full story.
SOUGHT AFTER AREA
George Benlian is the Director of Sales & Acquisitions at Hyecorp, which has completed four developments in Lane Cove including Eleeza, Lora, Sevana and Ariana. Collectively, these developments comprise 392 apartments. In addition, Hyecorp is currently marketing ‘Eva’, a development which will have 104 apartments with construction scheduled to commence in August 2017.
“In 2011 when the first new developments came onto the market in Lane Cove, it wasn’t as well known. The area had all the attributes, so we helped to create demand. “Lane Cove is now one of the most sought after areas in Sydney for apartment buyers. It presents good value for money and supply certainly isn’t exceeding demand.”
George says that there has been a 40-60% increase in values across their apartments since 2012, with the larger apartments attracting the strongest growth.
“We are noticing that purchasers have no intention of leaving the suburb - whereas they may have bought a 1-bed apartment initially, they are coming back to upsize to a larger unit to accommodate their changing circumstances.”
LISTENING TO THE MARKET
Since releasing its first development to market back in 2011, Hyecorp has adapted the design of its developments to cater to changing customer demand.
“Six years ago, 3 bed apartments were not as popular as buyers in that market could still afford to buy either a house or townhouse. However as prices continue to increase, larger apartments are increasingly sought after by both younger buyers who can no longer afford a house, as well as downsizers who are seeking a larger sized apartment.”
Indicative of these increasing prices was a record off the plan price of $3.15 million that was recently achieved for a 3-bedroom penthouse apartment within Hyecorp’s new Eva development.