Parramatta: developers pushed by strong demand to immediately release stage two after stage one sells out

A 55-storey residential tower development in Parramatta has not only sold out the entire first release, but also another 39 apartments — all in one day.

news.com.au Alison Cheung 23-11-2016

In a sure sign of western Sydney’s booming apartment market, all 150 apartments in stage one of 8 Phillip St sold out before 11am on Saturday, prompting the developer to make the unplanned move of releasing stage two on the same day.

By the end of the day, 189 apartments were sold, exceeding $160 million in sales.

The suburb unit price record was also smashed when a local businessman snapped up a $3-million penthouse in 8 Phillip St.

Developer Coronation Property’s sales director Jason Soulos, said 72 per cent of the buyers so far are owner-occupiers, with many currently living or working in Parramatta.

“It wasn’t until we opened our project gallery in recent weeks that we were able to truly gauge just how exciting the project had become to locals — many of whom have since purchased apartments within the development,” Mr Soulos said.

The developer expects to reach 200 sales within the coming days.

The remaining apartments for sale start from $459,000 for a studio apartment.

Originally published as $160-million apartment bonanza

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