Luxury apartment developer Fortis has notched up more than $67m in sales in just two weeks, defying the current property slump.
The tally, from mid September, includes just under $60m in residential transactions at their upcoming projects at 55 William in Double Bay and Verano in Rose Bay, plus a commercial sale for $7.3m at the recently completed Ruby House in Double Bay.
The specific residential sales ranged from a two-bedroom apartment for $4.5m up to $17m to a local downsizer for the penthouse at 55 William via Fortis agents Johnny Marusic, Niki Filipovic and Anabelle Nader.
The developer refused to disclose the identity of the penthouse purchaser, though other sources revealed it was property developer Peter Campbell, managing director of Lindsay Bennelong, who also founded Clarendon Homes.
Fortis Associate Director Avalon Nethery said the recent transactions demonstrate that while buyer behaviour has evolved, demand remains strong for quality property backed by developers with a proven track record of delivery.
“There’s no question buyers are being more selective, but they haven’t disappeared,” Ms Nethery said.
“We’re continuing to see strong inquiry, appointments and transaction activity across our portfolio, particularly for projects that combine exceptional design, premium locations and a proven track record of delivery.
“What we’re seeing is not a lack of demand, but a more discerning purchaser.
“Buyers are prioritising quality, certainty and trust more than ever before.”
Ms Nethery said the sales underscored the resilience of buyer demand across Fortis’ national portfolio, which has recorded more than $200m in residential and commercial transactions in the past six months across Sydney, Melbourne, Brisbane and Adelaide.
Successful new launches in that period include: 55 William where five of eight residences exchanged within the first two weeks; about $26m in sales at One Four Four Hutt in Adelaide; and $40m in sales at Crest & Walker in Brisbane’s Newstead.
At Verano, a collection of 21 residences currently under construction in Rose Bay, Fortis has continued to generate strong sales momentum.
The group’s recent sales activity has also been supported by Ruby House, its newest premium commercial development, which recently reached completion.
Ms Nethery said trust and transparency had become increasingly important drivers of purchasing decisions, particularly in the off-the-plan market.
“Buyers today are doing more due diligence than ever before,” she said.
“They want confidence in both the product and the team delivering it.
“We’ve built a reputation for delivering high-quality projects without compromising on design, finishes or execution, and that continues to resonate in the current market.
“What has been particularly encouraging is the breadth of demand we’re seeing across different product types.
“Recent transactions have ranged from premium two-bedroom residences through to sub-penthouses and penthouses, demonstrating that buyer confidence extends well beyond a single segment of the market.
“The market has become more selective, but buyers continue to act decisively when presented with quality opportunities.”
