Sydney apartment buyers spend $100m in two hours

Tuesday 27 May 2014

Luxury apartment developer Fidcorp sold $100 million worth of stock in two hours over the weekend, defying predictions of an autumn and winter cool down. The $145 million development, known as Eve Apartments, is Fridcorp’s first outside of Melbourne and is located in Sydney’s inner-city suburb of Erskineville. The developer sold 141 apartments off the plan on Saturday. Two-bedroom, two-bathroom apartments were selling for about $800,000.

Fridcorp founder Paul Fridman said more than 5000 parties had registered for the project. “You wouldn’t see this in Melbourne and in fact never in 17 years have I seen anything like this,” Mr Fridman said. “My gut instinct is there is more demand than supply and it will continue to be that way for some time.”

Demand from buyers in Sydney was strong across the board. The preliminary auction clearance rate was 76.2 per cent for 1075 auctions, compared with 69.9 per cent the week before, according to initial figures from RP Data.

Source: Australian Financial Review - 27th May 2014

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