FOCUS, Southbank apartment buyers attracted to "no auction, fixed price" approach
As established prices rise, auctions get busier, and demand continues to outstrip supply, off the plan apartment developers are starting to see a new cohort of buyers coming through the door.
It's the flat and frustrated, tired of missing out at auctions and tired of spending their Saturdays at crowded open homes.
The award-winning developer Central Equity, HIA Victoria's most awarded apartment developer who has a completed portfolio of over 80 projects, has been fielding higher levels of enquiry than usual from these buyers for FOCUS, their new Southbank apartment development.
Central Equity Marketing Manager Jeremy Vile puts it down to the fact FOCUS is completing this year.
"There's prospective buyers out there who are just tired of going to auctions and watching properties blow out well above the price guide being offered," Vile said.
"Over the years it's not been a huge segment of the market that off the plan apartment developers have been able to tap in to, given those buyers are looking for something ready to move in, rather than something that is forecast to complete in two or three years.
"But what we've seen at FOCUS, which is on track to be completed this year, is that buyers are willing to wait just that little bit longer and take away all the undue stress of buying established property at auction."
Vile also notes that FOCUS has found itself in a sweet spot, where there is little competition in the Southbank area that is completing in 2022. Meanwhile the neighbourhood is expecting solid future growth for buyers.
“Southbank’s arts precinct has a $1.6 billion transformation on the way, with new gardens, public space and art features planned for the city’s cultural hub. Plus Southgate has a $470 million redevelopment planned for new restaurants, bars and offices.”
FOCUS will be a striking new addition to the city, with a Southbank location that grants residents access to the arts precinct within minutes. Live theatre, music, riverside dining and lush gardens are right at the doorstep.
Between March 10 and March 20, Central Equity is hosting the FOCUS Open House event, where prospective buyers can take a private tour of recently completed apartments and fully furnished displays.
One, two and three-bedroom designs are on sale now from $499,000, with stamp duty savings up to $43,000.