The potential sale of James Packer's Barangaroo project, which will boast apartments starting at $10 million, comes as experts tip a pending slump in the apartment sector of as much as 6 per cent this year.
While the Crown Residences at One Barangaroo are targeted at the world's ultra-high-net-worth individuals and owner-occupiers, where Mr Packer bought the first bespoke two-storey apartment midway for $60 million, it remains a tough apartment market.In May last year, Knight Frank, which is selling the apartments, revealed that a quarter of the 82 high-end luxury unitss had been sold to a mix of overseas-based and Australian investors.
The report says the correction in the housing market will be two-paced across house and apartment values. Erin van Tuil from Knight Frank said: "While we cannot disclose sales figures, I can tell you that interest to date has been strong. Crown Residences at One Barangaroo has received a very warm welcome from both Australian and offshore purchasers alike since sales commenced. The driving force behind the ongoing interest is a combination of the lifestyle offering, as well as the design and location.