A luxury residential project situated between Bondi Junction and Woollahra is breaking records, with more than $100 million in apartments sold so far. 

Developed by Stargate Property, The Centennial Collection is being marketed for sale by Ray White projects experts Marcello Bo and Eddie Mansour. 

“The first stage of the project sold out in a matter of months, and we’ve sold more than 50 per cent of the stage two apartments already, with the penthouse release coming in the next few months,” Mr Bo said. 

“Buyers have been mostly local owner occupiers and people looking to downsize when the building is completed in Q4 2025. 

“This is a product which hasn’t been available previously in the area. We’re providing larger proportions where people can be comfortable selling their larger home and moving sky high. 

“There are uninterrupted views of the harbour and city skyline, and the location close to Woollahra is a big plus with Centennial Park across the road, it’s close to Bondi Junction and all the amenities. 

"There are extremely luxurious finishes. There’s a number of pools and a concierge, it really is a luxury experience.” 

Mr Bo said the apartments had been achieving record prices for the area. 

“We sold a three bedroom apartment for $7.5 million, which is definitely a record for a three bedroom apartment in Bondi Junction.” 

Mr Bo told LUXURY LIST Weekend, “We’re finding the local downsizer market is the most prominent type of buyer, but we’re seeing a few more investors who aren't local looking to purchase something in the eastern suburbs which represents good quality and views.”

The penthouse release will be in May, and we have a list of people waiting for them to be released. We have had people come and express interest and they will be the first people we contact when they’re released." Added Mr Bo.

Mr Mansour said buying off-the-plan was becoming increasingly popular as apartment living becomes a trend in the post-covid world. 

“Ray White Projects sold several apartments between $12 to $29 million at the end of last year which showed us the market trend of people transferring out of a big family trophy home to something they can lock up and leave,” he said. 

“People are wanting a lifestyle change and are becoming more fluid in where they want to live. 

“We’re also seeing the emergence of buyers who moved out of the eastern suburbs wanting to come back in. They might have moved up or down the coast during covid but they’re re-emerging in the east. 

“This project is still 18 months away, so a lot of buyers are planning their relocation and lifestyle change in advance. It gives them time to prepare their family home for sale and time it with the completion of the The Centennial Collection.” 

Mr Mansour said more projects were starting to come to market as construction prices stabilised. 

“We’ve been working with a number of premium developers in bringing their projects from concept to market, with a number of them slated for a 2024 launch,” he said. 

“We’re seeing a decline in availability of developable land and new development sites being purchased. Complexity of trying to get approvals is making things more difficult. 

“Scarcity will be driving up prices of apartments going forward, so if you were a buyer looking for a lifestyle change, I'd be doing it sooner rather than later.”