Market snaps up Lee Wharf offering

Tuesday 28 Sep 2010

Confidence is returning to the Newcastle property market, with hundreds of prospective buyers flocking to the weekend opening of the luxury Lee Wharf apartments, and offers taken on at least half of the properties.

Developed by the Stronach Group, R.O.I Group and Harrington Properties, 13 apartments in the final stage of Lee Wharf came onto the market on Saturday.

Prices for the two- and three-bedroom properties have been reduced by about 25per cent, ranging from about $700,000 to $900,000.

Selling agent Robert Pignataro of Strathfield Partners Real Estate was overwhelmed by crowds of more than 500 on Saturday and 350 on Sunday, which resulted in offers on at least half of the apartments.

“Clearly there is huge, pent-up demand in Newcastle for quality apartments that represent good value for money,” Mr Pignataro said.

“There is nothing to compare with this offering in Sydney where you simply cannot get a home on the water with views like this for under $1million.

‘‘We saw plenty of confidence here on the weekend in the Newcastle real estate market and people know when they’re getting a good deal.’’

Further south, two- and three-bedroom properties in Santorini Apartments in Belmont are on the market with Rod Conry of Century 21 Stals and Kirk.

Mr Conry said the apartment market around Lake Macquarie was fairly strong, but was lagging behind Newcastle, where buyers had already made the attitude shift to apartment living.

He said the award-winning centre, which ranged in price from $605,000 to $1.1million, had been particularly popular for buyers aged 50 to 70.

Newcastle Herald

- Kate Tarala - Property Reporter