Norwest Quarter
Apartment living is becoming a bigger lifestyle choice amongst people downsizing in the Hills with Norwest developer Mulpha seeing an upsurge in demand.
Mulpha has sold more than 60 per cent of the first stage of its $1 billion masterplanned mixeduse development Norwest Quarter.
The strong sales have been driven by a demand for bigger apartments, which has meant the original 196 apartments have been whittled down to 181 through floorplan amalgamation by buyers.
The Lacebark and Banksia towers in Stage 1 are the first of 8 residential towers in Norwest Quarter which will house over 2,000 residents. Plans include 6,000 m2 of space for cafes, restaurants, neighborhood shops and everyday services set within 3.8 hectares of greenfield land, up to 70 percent of which is to be dedicated to green, open space.
Banksia and Lacebark will be carbon neutral in operation, providing residents with cheaper energy bills with 100 per cent electric and no gas provision.
Mulpha’s Head of Development, Tim Spencer said the demand for quality apartments inNorwest reflects a change in mindset in how people view apartment living.
“The demand for quality apartments will continue to grow not just due to relative affordabilitybut also the lifestyle benefits. These include being able to live in a great location close to transport connections, education and public amenities, parks and recreational facilities, all within a vibrant community.
“Many of the buyers are downsizers from the same area, as well as young families employed locally. Investors, recognising the projected growth in Norwest, have become more active participants in the community.”
Norwest apartment purchaser, retired professor and former Education Department director Lindsay Wasson and his wife Diane are now purchasing an apartment in Norwest Quarter after having first purchased an apartment in Mulpha’s Watermark building overlooking Norwest Lake in 2016.
“Our apartment building in Norwest Quarter is all-electric and has double glazing, solar roof panels, high-rating insulation, inspirational water and energy efficiency, EV charging in car spaces and the list goes on,” said Lindsay.
“Combine these great elements (earning a NatHERS rating of 7.8) with Mulpha’s outstanding build quality and the confidence we have in Mulpha, buying into Norwest Quarter is probably the best decision we have ever made.”
Lindsay says the convenience and transport links of Norwest were a major consideration.
“We are within easy reach of excellent restaurants, shops, services and health facilities, either by car or Metro, which will only get better. With a walk of just over ten minutes, we can reach Norwest Metro Station and have access to half of Sydney. A direct Metro trip to Barangaroo and Town Hall, in just over 35 minutes, is a wonderful drawcard.”
According to Urbis’s Norwest Market Outlook Report (Urbis Report) sales prices and rental yields for apartments within the Norwest area outperformed those in the Greater Sydney Area during the reporting period.
The median unit price has increased by 6.3% per annum over the past 10 years and median sales prices experienced growth of 8.7% in the past 12 months across 328 settled transactions.
* Mulpha has been developing the $2.5 billion commercial, retail and residential estate, Norwest Business Park, for the past 30 years
