What are new apartment buyers in Sydney's Lower North Shore looking for? MatterFact Insight
Demand for new apartments on the Lower North Shore increased to their highest levels in over two years in the second quarter of 2024.
Data from MatterFact, Urban.com.au's new data product, showed enquiry jumped 20 per cent between Q1 2024 to Q2 2024 across Lower North Shore suburbs, with the likes of North Sydney, Crows Nest, Mosman and Roseville seeing the largest increases.
Enquiry hasn't been at this level since 2022.
Increased levels of enquiry were the most prevalent at the upper end of the market. While the most popular price point enquired on across the Lower North Shore in Q2 2024 was between $1.5 million to $2 million, the biggest increase in enquiry came in the $3.5 million to $4.5 million range.
Smaller, boutique apartment developments in some of the Lower North Shore's most affluent suburbs saw a lot of interest, while the ever-popular AURA by Aqualand, recently completed by Aqualand's inhouse construction arm on North Sydney's dress circle Walker Street, saw an increase in its luxury three-bedroom apartments toward the top of the Woods Bagot designed tower.
The suburb search on Urban.com.au didn't throw up too many curveballs for the Lower North Shore compared to recent quarters. The most searched suburb for every quarter over the last 12 months has been Chatswood, one of the northernmost suburbs in the Lower North Shore.
There are only a handful of new apartment developments in the market in Chatswood. Central Element's Ethos Chatswood launched in late 2022 and is on track to complete its construction by late 2025. Over 70 per cent of the 49 apartments have sold to date. Goldfields Group is developing The Bryson of Chatswood nearby, 70 apartments across a 23-level tower.
The newest entry to the Chatswood new apartments market has been Hammond Greens by Tian An, one of Australia’s oldest listed property developers. The FJC Studio designed tower offers 64 apartments across 27 levels on Gordon Avenue, next to the Chatswood Bowling Club.
The apartments will sit above 1,476 sqm of retail and commercial space, aiming to offer a diverse hybrid work environment and communal spaces to foster connection with the local and broader community.
Chatswood buyers are expected to have more choice next year given the number of development applications filed last year following the amendment to the Chatswood CBD Planning and Urban Design Strategy 2026. The amendment saw the CBD boundary expanded to the north which opened up the height limit to another area of the city.
Last year Bridgestone filed for two towers with 95 apartments, while VIMG wants to develop two towers with over 190 apartments.
Busy developer Billbergia also proposed two new towers, their first development in the area. They're planning two slim 27-level towers with 251 apartments atop a podium with retail, commercial showrooms and flexible SOHO style live/work offerings.
Coronation Property is expecting to launch its Chatswood tower in 2025. That will have around 114 apartments at 57-61 Archer Street, in the centre of the suburb and across the road from key amenities including Westfield Chatswood and Chatswood Chase.
Coronation Property's Chatswood apartment development on Archer Street. Image credit: Coronation Property
There's been noteworthy development applications filed in Q2 2024, pointing to further improved supply in the medium term.
Cbus and Galileo revised plans for their North Sydney apartment development on Walker Street, just up the road from AURA by Aqualand.
Urban revealed in mid-2022 Cbus' original plans for the new on a prime 3,950 sqm site across 173-179 Walker Street and 11-17 Hampden Street.
They've gone back to the drawing board and brought in Rothelowman to rejig the plans, add more levels, and reconfigure the apartment mix to have 258 apartments, over five per cent of which are reserved for affordable housing which now triggers increased height levels for new apartment developments.
Developer TWT is pushing forward with its multi-stage, 9,500 sqm masterplan The Collective, on the fringe of Crows Nest. Soon to launch the first building of apartments, TWT filed for a future stage, two mixed-use buildings with 137 apartments above what will become a thriving commercial, retail and hospitality precinct.
Earlier this year TWT apppointed Westbourne Constructions as the builder of the masterplan.
The inaugural phase of The Collective will introduce 93 residences with one to four-bedroom configurations. The low-density design has been created by Team2 Architects and will have interiors by DBI.
