Speedy sales of luxury residences will see construction begin ahead of schedule
Buyer confidence in the luxury off-the-plan market has regained strength with Armadale development, 835 High Street selling $20 million worth of property in the first weekend of sales and organic grocer, The Leaf Store signing on to occupy the ground floor retail space.
The project is being led by boutique developer Moda, who despite a fantastic track record of project sales, hadn’t anticipated the extent of 835 High Street’s financial success.
“We sold enough in the first weekend to allow us to commence construction immediately, something we didn’t forecast to achieve for another few months.”
Ed Farquharson, Moda Managing Director
The Moda team has dedicated time and energy to researching the downsize market, in order to understand how they can deliver properties that meet buyer needs and compliment their lifestyles. This resulted in providing customisable spaces, interchangeable fixtures and fittings, and a range of upgrades – giving residents the opportunity to create their own bespoke, luxury residences.
The research clearly paid off, with the majority of the 11 properties sales being made by downsizers. The highest demand was for two and three-bedroom properties between the price brackets of $2.5 - $3.5 million. Three of the 11 buyers also amalgamated floor-plans to create larger “sky homes”.
Prospective buyers of 835 High Street were invited to tour the developer’s previous projects to see the quality of the delivered product in real life. Mr Farquharson noted that this helped enhance buyer confidence.
“Buyers have a right to be well informed. They want to see proven delivery of premium developments, which is why we’ve taken prospective purchasers into our completed projects. In many cases they’ve met the owners. This has enhanced their confidence in our team, the process and the quality of our latest development.”
Ed Farquharson, Moda Managing Director
Leonard Teplin, Director of Marshall White Projects, who worked closely with Moda throughout the sales process, explained that buyers have been quick to secure high-end, luxury property as soon as it hits the market.
“We are seeing outstanding results in the top-end apartment market this spring. The demand from downsizers is strong, but there is a limited supply of oversized, premium dwellings on offers, which is why pre-registration is increasingly popular. When quality homes become available, they’re secured fast because the buyer has already decided to proceed.”
Leonard Teplin, Marshall White Projects Director
Interested in luxury property developments? Check out Melbourne’s top 10 luxury apartments on the market right now.
Lead image: 835 High Street facade render. Credit: Moda
