Overseas investors are purchasing large Sydney blocks,
Overseas investors are purchasing large blocks in Sydney for significant amounts, often without thorough evaluation of the properties involved.
Recently, a suburban apartment tower sold for an impressive $8.8 million, reflecting the increasing demand for such properties.
This particular deal involved a block of units located at 128 Parramatta Road in Camperdown and was facilitated by Knight Frank.
In their statement, Knight Frank noted that this transaction is part of a larger $42 million portfolio of similar properties sold in the past three months.
Knight Frank announced that three more unit blocks, similar to the recently sold property, will soon be listed for sale.
The Camperdown campaign was managed by Knight Frank’s team, including Anthony Pirrottina, Demi Carigliano, and Adam Droubi.
Interestingly, more than half of the agency’s unit blocks are being purchased by overseas investors without any physical inspections.
Additional deals have also been completed in Bondi Beach, Waverley, Penhurst, and Merrylands, along with another in Camperdown.
According to Pirrottina, these areas share a common characteristic of being densely populated and vibrant locations in Sydney.
“We sold six properties within the past three months, and three more are about to come on the market,” he stated.
“It’s no secret that Australia’s residential market remains strong, with housing demand significantly outpacing supply,” he emphasized.
This fundamental factor is what makes unit blocks such a stable and attractive investment opportunity.
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“Each block of units we’ve introduced to the market has garnered significant interest from a diverse range of investors.
In particular, there is strong demand from overseas high-net-worth individuals who are actively seeking these investments.
In fact, half of the recently sold unit blocks were purchased by overseas investors without any physical inspection of the properties.
These investors trusted the investment fundamentals of the properties, believing in their long-term value and potential returns.
Due to the recent strong sales results for our vendors, we are seeing more sellers approach us for similar outcomes.
We anticipate that this sector will remain very active for the remainder of this year and likely into next year.”
