Significant uptake in sales at Elia Como and The Terraces Jolimont since announcement of border opening.
Following a relatively subdued start to the year in “off plan” sales of projects that are yet to commence construction, the past 2 weeks has seen the most significant increase in sales since we launched Elysian Subiaco in October last year. Has the uptake, largely by local, Owner Occupier Buyers, been driven by the market believing the borders truly are coming down and the perception that this will drive significant growth in property values in the near term?
At Elia Como we had a scissor lift delivered to the site for the weekend of the 19th / 20th February to take prospective Buyers up to the equivalent of just level 5 of a 9 level development and experience the expansive views first hand. The result saw 5 sales over the weekend and a further 2 subsequently. The conversion of these sales will secure the developments pre-sale requirement with construction hopefully to commence toward the end of the second quarter of 2022.
At The Terraces Jolimont by Giorgi Group, we have moved from 1 unconditional sale to 6 terraces either sold or reserved in the past 2 weeks with a significant increase in genuine Buyer enquiry. The Terraces in Jolimont forms part of Development WA’s Parkside Walk and is WA’s first multi-unit residential EnviroDevelopment estate with Five Leaves certification. The Terraces provides a unique opportunity for some “right sizers” to choose terrace living in their neighbourhood as opposed to an apartment and we encourage more opportunity for terrace style development in these infill locations.
Both developments are looking to cap their current sales at the pre-sale requirement until the construction contracts are finalised and we anticipate relatively significant price rises to be implemented on the remaining unsold properties.
Whilst we are pleased to see the significant uptake in Buyer enquiry, unfortunately the construction market remains very heated with significant price rises in materials and labour and shortages of certain materials prevalent. There is no question it is presently a painful process for anyone currently building a home and we greatly appreciate the patience of our Buyers in dealing with these delays. Generally speaking, the pinch point appears to have moved through the brickies and onto the roof framers which in itself is positive and perhaps an indication of some light toward the end of the tunnel.
Only time will tell with what occurs over the coming 3 to 6 months as the borders open and WA reconnects with the rest of Australia and the world. As predicted in last month’s newsletter we are preparing for a roller coaster ride through 2022 and we will continue to do the best we can to communicate with our Clients and keep them informed along the way.
If you have any queries on current market conditions please do not hesitate to contact me directly on 0411 144 230 anytime.
All the very best,