SYDNEY, May 2, 2015 /PRNewswire/ -- A leading Australian developer headquartered in Sydney, today has highlighted revised 2015 growth forecasts for the city's property values.
Crown Group CEO Iwan Sunito, said that the rise in property prices in the first quarter of 2015 has prompted property market analysts to recalculate forecasts for 2015.
It's a statement confirmed by one of Australia's leading research company, SQM Research.
Louis Christopher, the managing director of SQM Research, has upgraded his forecast for Sydney house price growth to a probable 11 per cent to 15 per cent for 2015. Previous price growth expectations for Sydney were 8 per cent to 12 per cent for the year.
Locations with a shortage of supply, such as Sydney, will continue to have strong property price growth despite low interest rates, Mr Christopher said.
"These localities are influenced by local factors. No matter how cheap mortgages are, prices in these localities will still rise and fall, largely as a result of the fortunes of each city's local economies."
"Sydney has, for example, strong population growth. The city expanded by an estimated 90,000 people last year," he said.
"With this population increase the city has still been underbuilding even while building approvals have picked up," Mr Christopher added.
Crown Group CEO Iwan Sunito highlighted the opportunity offered to investors in China.
"This strong growth forecast offers further opportunity for Crown Group to offer our luxury apartments to investors in Asia, particularly in China," Mr Sunito said.
"In 2014, the Chinese market responded very positively to the products we offer."
"Of course, in addition to the world-class apartments we offer in our iconic buildings, the increase in property values in Sydney, Australia, has attracted more buyers from China to invest in the Sydney property market," he added.
In SQM's recent report, Louis Christopher also hightlighted Sydney property growth surpassed other Australian cities including Melbourne, Brisbane, Canberra and Gold Coast and was influenced by the strong economic fundamentals of the State of New South Wales (NSW), including an expected revenue increase from privatization of electrical infrastructure.
"New South Wales has a strong state economy and the future is looking good on infrastructure spending," Mr Christopher said.
The infrastructure projects currently under construction in Sydney include a new International Convention Centre in Darling Harbour, the $6-billion Barangaroo waterfront precinct and an $8 billion transformation project at Green Square including new public library and parks.
NSW Federal Government has allocated a budget of AUS$2 billion for the development of the Parramatta area in the next few years.
"Sydney unemployment is lower than the national average," he added.
The State of the States April 2015 report collated by Commonwealth Bank's stockbroking arm, CommSec, shows a key factor in NSW's recent economic resurgence has been the strength of the housing sector.
The state's growing population growth has helped push up property prices and fueled demand for new housing. "Over the past quarter, NSW has improved its position on housing finance and dwelling starts to consolidate its position at the top of the economic performance rankings," the CommSec report said.
CommSec's report said there was a healthy outlook for the state economy.
"NSW looks to be well supported by home construction and infrastructure spending over 2015," it said. Record low interest rates and a weaker Australian dollar contributed to NSW's recent economic improvement.
In May 2015, Crown Group will launch Crown Ashfield, an $88-Million Residential Tower Set To Be A Luxury Oasis in The Thriving Inner-west Suburb of Ashfield.
Located 6 kilometres from the CBD, Sydney's thriving and vibrant Ashfield is exceptionally popular with young professionals and families.
Ashfield adjoins eclectic suburbs with wonderful neighbourhood cultures such as Summer Hill, Haberfield and Leichardt.
The developer has a number of luxurious residential developments set to launch this year including the award-winning architectural landmark development Crown Green Square.
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Media Interviews
Crown Group CEO Iwan Sunito and Crown Group Project and Commercial Sales Director Anthony Falas is available for a limited number of interviews on request.
Editor's Note
Images and video are available upon request including artist impressions, photographs of display apartments and computer-animated 'fly-through' footage of selected Crown Group developments.
Media enquiries
Kate Prideaux, General Manager of Communications & Public Relations
+02-9925-0088 or +0401-863-436
kateprideaux@crowngroup.com.au
Dominique Kuhne, Communications Executive
+02-9925-0088 or +0432-230-425
dominiquekuhne@crowngroup.com.au
About Crown Group
Crown Group Holdings (Crown Group) is a leading Australian property group specialising in property development, property investment and serviced apartments.
Founded in 1994, Crown Group has offices in Australia, Indonesia and Singapore and is currently developing in Australia and Indonesia.
The company was co-founded by architect Mr Iwan Sunito and engineer Mr Paul Sathio in 1994.
Iwan Sunito graduated with Bachelor of Architecture (Hons) and Master of Construction of Management from University of NSW. In 1993 Iwan became a Registered Architect in NSW and was awarded the UNSW Eric Daniels award for excellence in residential design.
In recent years Iwan received a number of awards including Indonesia's Property & Bank Magazine Golden Leadership Award 2013, the 2013 Congress of Indonesian Diaspora Entrepreneur award and named a winner in the 2013 Ernst & Young Entrepreneur of the Year Awards.
Paul Sathio graduated with a Bachelor degree in Civil Engineering from University of Technology Sydney (UTS) and a Masters of Engineering Science from University of NSW. Paul has more than two decades' experience in the construction and development industry.
Past and recent projects
Since the company was founded 21 years ago, Crown Group has successfully completed major developments in Sydney's best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes and most recently Viking by Crown, a 10-storey residential complex in Waterloo.
Today, Crown Group boasts a large portfolio of projects under development and in the pipeline and is currently developing four major projects; V by Crown, a 29-storey residential tower in Parramatta, Skye by Crown a 20-storey development in North Sydney, Crown Ashfield, in Sydney's thriving inner-west and Sydney by Crown in the heart of Sydney's CBD.
After selling out Top Ryde City Living in October last year, Crown Group launched Sydney by Crown in November, resulting in more than $170 million in apartments sold within four hours.
Awards
Crown Group was recently awarded the Urban Development Institute of Australia (UDIA) NSW President's award - considered one of the highest property development accolades in Australia – for its seven-tower, resort-style development Top Ryde City Living.
Top Ryde City Living was also named best High-Density Development in Australia at the UDIA awards for excellence 2014 and a Master Builders Association Excellence in Housing award 2013. Crown Group's innovative, waterfront development Sanctum by Crown was awarded a Master Builders Association Excellence in Housing award 2012 and its hugely-successful ICON at Homebush was awarded HIA's (Housing Industry Association) CSR Housing Awards 2007 Apartment Project of the Year.
Future launches
Crown Group will launch a number of projects this year including Crown Ashfield and the award-winning architectural landmark development Crown Green Square.
