Record prices are still being set for (some) development sites. Linky Methinks the developer's closing comment is way off the mark. He'll come off second best considering the holding costs and proposal for 5 units when zoning may allow up to 9 storeys - who's kidding who here? - other linx. (I haven't done a desktop feaso on this but it smells from here).
@Whitecat - I don't believe the 'only put 5 units on the site' - that won't fly unless you sell each unit for >$5m - hard pressed to find those buyers in Cronulla. If they have paid $10m, each unit will need to sell for around $6m to be profitable. If the fsr permits is 2:1 (roughly) the developer won't let it go to waste (240m² units wouldn't justify a $6m price tag, may even be pushing it at 300 m²).
Don’t know the figures , so can’t comment on that , but I can see the potential for developments in Sydney in unique positions still working if the numbers do stack up . We have friends who bought in the block next up from blues point tower just at the start of the boom . Retirement down sizer which they want to stay in . Last time we talked there were people in the block wanting to take advantage of these changes . Cliff
Just a few sales from the Area: $3.4m Nov 18 Sold 3/22-24 Ozone Street, Cronulla NSW 2230 on 02 Nov 2018 - 2014730424 | Domain $1.5m Sept 18 Sold 6/14 Ozone St, Cronulla NSW 2230 on 06 Sep 2018 - 2014596350 | Domain $3.55 March 18 - house Sold 1/28 Gunnamatta Road, Cronulla NSW 2230 on 07 Mar 2018 - 2014156651 | Domain $4.25m Oct 17 sub-penthouse Sold 10/10-12 Gerrale Street, Cronulla NSW 2230 on 10 Oct 2017 - 2013876510 | Domain Still finding it hard to justify a $6m price tag for a unit other than a penthouse possibly in 3-5 years.
