Rental Hot Spots Emerge in Sydney
Despite Sydney’s cooling rental market, some areas are proving to be in hot demand, as indicated by the record-breaking 1000 enquiries received for Infinity by Crown Group’s first release of rental apartments recently.
Director of Property Management Anthony Caudullo said the dedicated leasing team at Crown Property Agency had been inundated with more than 800 inquiries in its first week of releasing 100 new rental apartments at Green Square in early May. It has since had more than 1000 inquiries and leased out more than half the allocation.
The iconic $575 million Infinity by Crown Group development is proving itself to be Sydney’s most sought-after place to live, having sold out in 2015 when $380m worth of property sold in one day. The 20-storey building has captured the public’s attention with its iconic looped design by Koichi Takada Architects. Its 326 luxury apartments are set on the corner of Botany Road and Bourke Street, next to the stunning new Green Square public library.
Residents are starting to move into the 326-apartment development as it nears completion. They will be spoilt for choice when a new eat street and dining precinct with 20 stores and restaurants opens on their doorstep, as well as a 90-room apartment hotel and a convention centre. They will also have the convenience of a medical centre, hairdresser, dry cleaner and two supermarkets downstairs from where they live. The development forms part of the $13 billion Green Square transformation that will see another new train station and an aquatic centre open in coming years.
“We had a record 582 people turn up at our first leasing open day at Infinity by Crown Group on Saturday 4 May,” Mr Caudullo said. “We have since accepted 52 applications for tenancies – some even offered above the asking price.
“Leasing campaigns generally run for up to five months but these will likely be leased out in three months, which is unusual, even in tight markets. This shows that even in the current rental market, a well-located property that’s well priced and offers excellent facilities and retail and dining attractions will lease fast.”
Mr Caudullo said renters this year were in the fortunate position of being spoiled for choice, with so much new stock on the market in Sydney. They were using this as an opportunity to upgrade to a luxury lifestyle with resort facilities such as those at Infinity – a rooftop pool, rooftop gardens and a sky lounge with stunning views all the way to the city, a spa, gym, music room with a baby-grand piano and a private cinema.
“For the first time in more than a decade, renters have a wide choice of modern apartments available for lease across Sydney,” Mr Caudullo said. “But while many headlines are saying it’s a ‘tenant’s market’, we are finding that there is still fierce competition among them to secure a good home in a high-demand development such as ours.
“Infinity by Crown Group is already attracting a lot of attention from renters for its striking landmark design and because of its unbeatable location, with its direct access to Green Square train station, just one stop from the city, and next to a new Woolworths supermarket. It’s the choice of a lifetime and it has that 20-minute-rule appeal – you can work, live and play all within a 20-minute radius which is such a luxury in today’s world.”
Mr Caudullo said demand was also proving to be strong for apartments at Waterfall by Crown Group, Waterloo, where apartments would be available for lease from July at 18 O’Dea Avenue, Waterloo.
The landmark development boasts NSW’s tallest man-made waterfall at 22m high. Designed by SJB architects, the beautiful new community will have abundant lifestyle facilities, including a new park in the Lachlan precinct and natural design features from a tranquil internal lagoon to a rooftop escape with an outdoor cinema and tropical bamboo walk. It will also have an infinity rooftop pool, a function room and a music room with a grand piano.
Last October, when Arc by Crown Group opened in Clarence Street, Sydney, Mr Caudullo’s leasing team took nearly 2000 enquires for 80 apartments over several months. The residential tower brought a sense of luxury to the heart of Sydney when it opened. Also designed by Koichi Takada Architects, it offers residents luxe apartments, access to an insta-famous indoor swimming pool and spa, new ground floor restaurants and stores and a private rooftop lounge and bar with amazing city views.
Crown Property Agency provides owners and tenants with a streamlined choice for full property management services, from processing leases to qualifying prospective tenants, collecting rents, as well as property inspections and advertising.
“As an award-winning elite team, Crown Property Agency offers superior service and a great product to our buyers,” Mr Caudullo said. “Our professional experts are equipped with extensive knowledge, have easy access to all information within our developments and can grant exclusive early access for leasing inspections even before the property has settled.
“This means we can always help renters find the best property and give investors the ability to maximise the rental return on their investment,” he said.