A Milestone for Manly’s Property Market has Reached New Heights

14 Dec 2023

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An exclusive selection of architecturally designed residences, The Wellington Collection, has seen a ground-breaking accomplishment in off-the-plan sales, setting a new benchmark in the Manly real estate market.

All six luxury apartments by National Developer, Urbex, have successfully sold with the final sale acquired for an impressive $2.6millon. The exceptional nature of this collection, situated in the heart of Manly, is underscored by its extraordinary home sized living spaces and outstanding quality. This achievement solidifies the development’s position as a premier choice for luxury living in the Manly suburb.

With all apartments now sold and only two town home residences remaining for sale, the off-the-plan success prior to the development’s completion later this year is seen to contribute positively to the suburb’s consumer sentiment and overall value.

“Manly already has significant value in its lifestyle offering, so it was important for any project introduced into the Suburb to hit the mark with trade up or down owner-occupiers from interstate, the Sunshine Coast and Brisbane,” said Craig Covacich, General Manager of Urbex Realty.

The unique features that have increased the uptake from buyers are the development’s elevated homes, floor plans that offer home-like living spaces, breathtaking panoramic views, and low-maintenance courtyards.

“The slowdown in the real estate sector off the back of interest rate hikes has not mitigated the severity of an undersupplied housing market, magnified by the turbulence developers have had to navigate to deliver their projects. Supply chain and labour cost issues have placed many builders and developers in financial distress, some of which have collapsed, and consumers are cautious when purchasing off the plan.

“Our integrated business model provides a unique point of difference and grants our business a level of resilience and flexibility within our building division, JMac Constructions, which handles the contract delivery. This strength extends seamlessly to the development programs we embark on, giving us the capacity to deliver, and instils confidence for buyers and builders of our commitment to fulfill our obligations.”

The townhouse model may also be a solution to the high demand given the housing supply crisis in South-East Queensland.

“With the rise in the population in Queensland and changes to what consumers want in their homes, there is a shift in what the ‘Australian dream’ home looks like. In the past, this was a large block, four-bedroom house and a big backyard. Many are opting for building upwards, rather than outwards, and cutting out the fourth bedroom and investing those saved funds into shaping the urban space and amenities within the dwelling,” Covacich said.

“Town homes and luxury apartments are becoming a model many consumers are leaning towards because of the ability to receive a higher return for their investment.”

The Wellington Collection’s remaining two town homes consist of over 460m2 in living areas respectively, three bedrooms, two-and-a-half bathrooms, one multipurpose room, three car spaces and workshop, balcony, plus an internal lift, private plunge pool and external courtyard space.

The luxury development has made extensive progress on both the apartment and town home builds, with scaffolding expected to be removed in the coming weeks and the entire project set for completion in 2024.

For more information on The Wellington Collection, please visit: https://www.thewellingtoncollection.com.au/

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