- Interview with Erin Van Tuil, former partner with Knight Frank and currently partner with Crown Residences for first of Australia’s fully integrated hotel-branded residences
- Project to have 82 residences, 349 hotel rooms, 14 signature bars and restaurants and retail locations
Mansion Global caught up with Erin Van Tuil to discuss the strong super-prime market and upside waterfront properties in Sydney Australia. Why Ms. Van Tuil? Her experience covers large-volume property portfolios, off-plan sales, and high-net-worth/ultra-high-net worth/high profile clients. Notably, Tuil earned partner status with Knight Frank in just seven years when she first began her career. Why Sydney? Sydney has a very strong prime luxury market.
Asked how COVID has affected Sydney’s high-end market thus far, Tuil responded that the number of super-prime sales in Q1 and Q2 2020 hit 15, up from 13 during the same two quarters in 2019. Average transaction size increased +33% from $12.6M between March and June 2019 to $16.8M between March and June 2020.
Though Asian buyers have been consistently interested in Sydney for property investments, borders were closed due to the COVID-19 pandemic. Expats and local buyers did and are continuing to pick up the slack in high-end transactions. Tuil highlighted Sydney’s appeal as a top spot for investment due to offering a great lifestyle, transparent government and rules, and strong health care services.
Asked whether or not buyer tastes may change as a result of COVID, Tuil cited Knight Frank’s recent Global Buyer Survey. 66% of survey respondents said that large gardens and outdoor spaces are more important; 64% said home offices are more important; 52% said greater privacy is more important. Tuil said that 40% of ultra high net-worth buyers in Sydney want a home on the waterfront.
Tuil’s current partnership with Crown Residences caters to these changes…surrounded by parks, great workable spaces, the ability to work at home and access to hotel amenities such as two pool decks, tennis courts, spa and gym.
Asked whether or not Sydney residents are buying country homes as city residents in other countries are, Tuil said she is not seeing changes in demand for either country or apartment living. She said that people want to be able to drive, not fly, to their holiday home.
And again, Tuil said that Sydney would always see demand, especially for harbor front homes. Data from Knight Frank backs up Tuil’s statement as its Global Waterfront Index indicated that homes on Sydney Harbor had the largest premium at 89.3%.
Thanks to MansionGlobal.