October 8, 2014
The Foveaux St development has been one of the citys most hotly sought after, with 3150 buyers registered by late August - the equivalent of 57 people vying for every apartment.
CBRE director Ben Stewart said he was not surprised by the high level of interest received during the VIP launch weekend which saw a top sale price of more than $2 million.
"It went really well. We sold 82 per cent of the stock last weekend so 44 of the 53 apartments" he said.
With a $5000 expression of interest fee just to view the properties, Mr Stewart said only serious buyers turned out on Saturday.
Mr Stewart said the public would now be able to choose from the remaining stock.
"With only nine apartments left, I would imagine they will be gone within three weeks" he said.
Situated on the former Legion Cabs taxi service station, Ragtrader turned developer Danny Avidan first made headlines when he paid $18 million for the site at 81 Foveaux St last year.
The Foveaux features a range of one, two and three-bedroom apartments with a starting price of about $700,000.
High profile architects SJB and interior designers BKH have been brought on to complete the development, which will feature a rooftop garden with city views and apartments with luxe interiors.
The price of the apartments, above the Surry Hills median, has not put off punters.
Apartments on offer range from $700,000 for a one bedroom, $995,000 for a two bedroom and three bedrooms at $1.5 million.
The median apartment price for Surry Hills is $600,000 according to RP Data figures.
The city fringe suburb has been a good investment for those who have bought property in the area. The median house price has risen by 53.4 per cent over the last five years, while apartment prices have jumped 42.9 per cent over that time.
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