Apartment builders in New South Wales should focus more on Artarmon for their next developments projects, as a survey showed that the north shore suburb is the top choice among apartment buyers across Sydney.
They also need to be more mindful of building defects, after the state imposed a property bond for projects from January 1 onwards. Choosing waterproofing tiling suppliers in Sydney will then be more necessary.
Realestate.com.au survey ranked Artarmon on top of the list mostly due to its strategic location to the city centre, according to REA chief economist Nerida Conisbee. First-time buyers are particularly keen on buying properties in the suburb. Some real estate agents cited the village appeal of Artarmon as the main selling point.
Nearby shops, convenience stores, beaches, and a train station also served as other factors for the suburb’s popularity. Demand from buyers would likely continue to increase, given that the state government recently imposed a new bond for developers to protect consumers against defective strata units.
Real Estate Bond
The new property bond regulation will apply to apartment buildings with four or more storeys in New South Wales. Mixed-use buildings, or those with a commercial component, are also covered under the bond. Residential properties with less than four floors will still be covered under the Home Building Compensation Fund.
The bond’s value should be equivalent to 2% of the contract price for the project. The state government expects the bond to prevent owners from paying for costly and time-consuming repairs for defects in newly completed strata units.
Artarmon may be the best market for property developers right now due to the high demand. Whether or not you plan to build your next apartment in the suburb, the new property bond would require you to choose contractors and suppliers more carefully.