Sydney unit blocks go up for sale in ‘year of beds and sheds’

Apartments at 9 Colindia Ave, Neutral Bay offer Harbour Bridge and city views.

With apartment rents rising quicker than houses over the past year, three apartment blocks that are about to be launched in Sydney’s north and east are expected to be popular with investors.

“This is the year of beds and sheds,” said CBRE agent Paul Grasso, predicting apartment blocks and commercial property will be popular over 2024.

“With the consistent increasing of rents through the metropolitan Sydney market, we expect these blocks to be a hot ticket for the market,” Mr Grasso said.

His CBRE colleague, Toby Silk, points to SQM Research showing a 16 per cent growth in unit rents over the past year, compared with 13.7 per cent for houses. “This aggressive growth is expected to continue due to the housing shortage,” Mr Silk said.

“These apartment blocks provide the perfect opportunity for investors to capitalise on this phenomenon.”

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The Neutral Bay block goes to auction on March 4.

The property portfolio of three blocks is expected to reap more than $20m.

Property records show two of the blocks, one in Neutral Bay on the lower north shore and another in Clovelly in the east, are owned by the same consortium.

Both of these properties are scheduled for auction on March 4 via Damien Cooley of Cooley auctions.

The Neutral Bay block is at 9 Colindia Ave consists of eight one-bedroom apartments with three onsite car spots.

The units offer Harbour Bridge and city skyline views.

37 Beach St, Clovelly is up for auction on the same day.

It’s in a top location.

The Clovelly block of four two-bedroom apartments with four car spots is at 37 Beach St.

The third opportunity is a block of six two-bedroom apartments with six lock-up car spots at 224 Rainbow St, Coogee has been owned by the Melick family, with the late patriarch one of the builders, for more than 50 years.

224 Rainbow St, Coogee is for sale by expressions of interest.

The Coogee block consists of six two-bedroom apartments.

Both east blocks will be sold by Mr Grasso and Mr Silk, and Neutral Bay with their colleague Angus Beevers. Clovelly and Neutral Bay are in conjunction with I.B Property’s Steffan Ippolito.

The Coogee block is being sold by expressions of interest closing Thursday, February 29.

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