Colliers International sells off-the-plan apartment for more than $3million
An off-the-plan apartment in The Adelaidean residential development on Frome Street has sold for more than $3million, marking the largest off-the-plan sale in Adelaide to date.
The Brown Falconer architect-designed apartment is the amalgamation of two apartments on sub-penthouse level 34, measuring more than 300sqm with an eastern outlook.
Colliers International’s Nick Pelvay and James Polacek brokered the record-breaking deal, saying it was a sign of buyers increasingly looking to the CBD to live and invest.
“The Adelaidean was only released to the market in May and we’ve received overwhelming feedback from buyers so far, with many apartments already under negotiation,” Mr Pelvay said.
“This is an excellent example of a development that is able to meet buyers’ changing needs and lifestyle interests.”
Mr Polacek said Adelaide’s apartment market was maturing quickly, with downsizing owner-occupiers driving demand.
“There has been significant interest from buyers looking for three or more bedrooms, with an increasing number of purchases of more than $1million,” he said.
A recent City of Adelaide announcement appears set to fuel demand further, rewarding owner-occupiers who purchase off-the-plan apartments in the next two years with a five-year hiatus from paying rates.
“This announcement is in addition to the current stamp duty exemptions for off-the-plan apartments, makes purchasing in the Adelaide CBD even more attractive” Mr Pelvay said.
“All of this is aimed at increasing the population in the Adelaide CBD to 28,000 people by 2020.”