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Strong Demand for Ultimo Project

Sunday, 19th June 2016

The opening weekend of TWT Property Group’s prestigious New Life/Ultimo development proved a good test for the strength of the Sydney property market following news that the NSW Government would be imposing taxes on foreign purchasers from June 21.

Sales were still brisk, with TWT Property Group reporting that all of the 80 apartments in stage 1 sold. They comprised 60 sales from the Sydney launch and 20 from an overseas launch.

The 210-apartment project, which will set a benchmark in contemporary architecture for Ultimo, will be released in two stages. While there wasn’t the frenetic buying scenes witnessed the previous weekend at nearby Darling Square where more than 300 apartments sold, the General Manager of TWT, Stephen Fitzpatrick, described the early result as “solid given the current conditions”.

“Although the market is affected by the additional tax and banks’ tightening lending policy, there are still strong demand for New Life/Ultimo due to its good location, professional development team and excellent design,” Mr Fitzpatrick said.

In the weeks leading up to the sales launch, joint selling agents CBRE and Kinsale Property Group received around 150 Expressions of Interest. Last week the NSW Government’s announced a 4% tax on foreign property purchasers, plus an annual land tax of 0.75%.

“This did have a strong effect, and quite a few of our prospective purchasers dropped out, although others still proceeded because the tax doesn’t come in until June 21,” Mr Fitzpatrick said.

CBRE and Kinsale Property Group were pleased with the demand for New Life/Ultimo.

“We still had around 90 groups lining up to buy on a wet Saturday morning, which proves that well-located property in Sydney is still highly sought after,” said Simon Platt of Kinsale Property Group.

Ben Stewart from CBRE said the majority of the local purchasers were owner-occupiers.

“Many people want to live close to the city, and those with vision appreciate that Ultimo will improve and prosper just like Pyrmont has, lifting property values as it regenerates,” Mr Stewart said.

New Life/Ultimo is strategically located on an elevated 5,322sqm site at 495 Harris Street, opposite the Ian Thorpe Aquatic Centre and next to the Ultimo Community Centre.

“Ultimo is on the doorstep of the CBD and well connected to light rail and bus services so it has all the attributes of being a property ‘hot spot’,” said Mr Platt. “This development also enjoys the bonus of overlooking the non-stop activities of Darling Harbour and Barangaroo yet it is far enough removed to avoid the noise and hustle-and-bustle.”

New Life/Ultimo comprises a multi-layered building that scales down from nine storeys along Harris Street to six levels facing Bulwara Road. CBD corridor views start from level one for the east-facing apartments, and water views ‘splash in’ from level four.

The apartments in stage 2 at New Life/Ultimo include:

1-bedroom (45-65sqm) from $695,000 to $950,000

2-bedrooms (75-90sqm) from $1.2m to $2m, and

3-bedrooms (95-140sqm) $1.5m to $2.5m

“There is still a wide range of apartment styles in stage 2, including wide-fronted apartments, ‘through’ apartments with dual aspects, and two-level terraces,” said Mr Platt.

A New Life/Ultimo display centre is open on site daily from (11am – 4pm).

Further information is available through 1300 812 208 or www.newlifeultimo.com.au

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