The new Barangaroo precinct in Sydney completely sold out at this weekend's auctions.
All of the 159 apartments located in Barangaroo were sold under the hammer within four hours of the auctions commencing. This included the sale of a four-bedroom penthouse apartment, which went for $10.5 million. The total amount of money made from the Barangaroo apartments is thought to be in excess of $300 million.
Managing director for Barangaroo South at Lend Lease Andrew Wilson said: "The overwhelming response we have received from interested purchasers reflects the fact that Barangaroo is what Sydney living is all about."
The next set of Barangaroo apartments are due to go on sale sometime over the next 18 months.
This weekend's auctions, the final set for the winter, recorded a strong clearance rate of 84 per cent, according to RP Data.
Meanwhile, Australian Property Monitors claimed that certain areas of New South Wales, such as the north shore, north-west and central coast, achieved clearance rates that exceeded 90 per cent.
Posted by Ravin Chatlani