One of Australia’s biggest property developers believes infrastructure announcements means it will run into little trouble selling a major development in the already crowded apartment market in Sydney’s inner south.
While suburbs such as Waterloo, Green Square and Zetland have become synonymous with cranes and high rises in recent years and have been included in an apartment lending blacklist, developer Mirvac has given the area a vote of confidence by accelerating the launch of a new 226 apartment complex in Waterloo.
Mirvac has bought forward the date for it final sale release in the project, named The Finery, following strong interest in earlier stages, which the developer puts down to infrastructure improvements that are set to come Waterloo’s way.
“Our research shows that two of the most important criteria in their purchasing decision is proximity to future or existing infrastructure and trust in the developer,” John Carfi, Mirvac’s head of residential, said.
“Over the past few months the NSW Government has announced key decisions that will increase the liveability and appeal of Waterloo particularly in regard to transport infrastructure,” Carfi said.
“Experienced property buyers know that the greatest gains are made by those who invest early before the establishment of new infrastructure pushes up values.”
In particular, Carfi believes Stage 2 of the Sydney Metro rail project, which will include a train station at Waterloo, will have an extremely positive impact on property in the area.
Construction on the project is expected to start in the near future, which Carfi said would allow owners and residents to benefit from the transformation that large areas of Sydney’s inner south are currently undergoing.
“The Finery falls within the Lachlan Precinct which is part of the wider Green Square urban renewal area,” he said.
“Residents will be beneficiaries of all the infrastructure associated with this major urban renewal project as well as improvements in the immediate vicinity.”
