Real estate developments are a staple of the Sydney economy, an important part of infrastructure investments and play a big role in urban renewal for Northern Sydney, providing employment to the construction sector and growth for the economy.
At Upstate, we are uniquely positioned at the forefront of the development projects industry, with over 75% market share of the property currently available on the Northern Beaches.
In this highly specialised niche of Sydney real estate sales, you need a highly specialised property projects development team you can trust to advise on all important aspects such as:
- Interior design consult
- Fittings and fixture guidance
- Unit allocation mix
- Floorplan optimisation
- Gross realisation maximisation
- Development planning
- Construction consult
- Project marketing
- Project sales
- Leasing and property management and more.
Here at Upstate Projects, we do just that
Our specialist team offer the full suite of development project services, from initial discussions to sold and beyond.
Speaking of which, we decided to reflect on the last 12 months of Northern Beaches property development projects to share our insights into this fascinating sector of Sydney real estate.
2022 has been a challenging market for property developers in relation to building costs and compliance regulations with the new Commissioner, Class 2 buildings and general market conditions. However, with smart strategy and pricing, it has also been a very successful year when we look back on the hugely successful launch of Hamptons in Dee Why, Bathers Collaroy’s record-breaking square metre rates and the overall uplift in the quality of off-the-plan property development projects.
As your trusted property team, we wanted to provide a market wrap on the year that was, enquiry trends, average square metre rates and a competitor stock analysis.
Want to know more? Keep reading.
Rising average SQM rates
As build costs and site values rise, so too does the demand for increased average square metre rates across new Northern Beaches projects, we took a deep dive into our increased sqm rates helping to support this demand.
Downsizers are a huge target market here in Northern Sydney and are starting to pay a premium price for quality designs, interiors and market-leading features. Although location plays a huge part in their consideration process, we are now seeing floorplan size take priority when it comes to making a final decision. Downsizers are happy to pay more for those extra square metres of space, they may be looking to downsize however they are still seeking an upgrade overall.
Below, we have put together a summary of Upstate Projects’ last five sales per property development, to demonstrate this growing demand for more space and the willingness of buyers to pay more for it.
Property Enquiry Trends
Property development projects took a few hard hits in 2022. From COVID scares, to the election and interest rate rises we saw buyers adapt a more conservative market outlook when it came to making a move during uncertain times.
But it hasn’t been all bad news.
As the financial year passed us by in June, we saw project enquiry trends slowly regain momentum again and the volume of enquiries peak once more. Buyers started to dip their toes back into the off-the-plan property world, and although Sydney real estate sales volumes didn’t skyrocket, the pipeline of warm and hot buyers was officially back.
Based on our property enquiry numbers over the past six months, you can see the trends we have witnessed across all our active property development projects in the Northern Beaches.
Competitor Stock Analysis
Currently across Sydney’s Northern Beaches, there are 22 projects advertised, with a total of 622 lots on offer. Here at Upstate, we have a market share of 75% of those lots on offer.
This unbeatable market share combined with a database of over 130,000+ prospective buyers and tenants, and a strong market knowledge gives us a unique advantage when it comes to your project development launch.
Our Upstate project market share allows us to know what’s on the property horizon in 2023 and, therefore, create the tailored property development strategy so that you don’t cross over with your competitors.
We are currently planning the launch of three new development projects in the first quarter of 2023, and we are undertaking significant planning and design consultation sessions on multiple other property jobs across the Northern Beaches.
If you’re a property developer, now is the time to talk to the Upstate Projects team for a successful 2023
From conception to settlement and every step in between, talk to the only Northern Beaches project development team who has delivered consistent results year after year.
With a strong SQM rate return in 2022 and a dedicated development projects-only team of 9 experts working for you, it’s never too early to begin the conversation about your next property project.
