Qualitas delivers quality at Aqua Bondi

Qualitas delivers quality at Aqua BondiA zero per cent default rate on pre-sales of 129 apartments at Bondi Junction reinforces the strong demand for quality developments in good locations.Located on the corner of Oxford Street and Hollywood Avenue in Bondi Junction, Aqua Apartments features two towers connected by a garden podium and adorned with rooftop gardens.Designed by KANNFINCH and DC8 Studio, north-east facing apartments have views of the coast, while those oriented north-west capture the Sydney Harbour Bridge, Opera House and the city.Boutique investment firm Qualitas released the apartments to market in 2014, and more than $130 million was committed in just four hours. The average sale price was $1.01 million.The majority of buyers were local – with just 10 per cent offshore investors.Qualitas is the sole owner of the development, after former partner Leighton Properties sold its share after a change in business strategy.According to Mark Fischer, Qualitas’ managing director of principal investments, the result reflects the project’s success in “targeting the right mix of buyers” and the fact that they were “fairly sold, are standing up well in the face of a tougher funding environment for purchasers.”Fischer told the Australian Financial Review recently that valuation of the apartments had risen an average of 20 per cent since 2014. While Qualitas has targeted investors, the apartments were designed and furnished with the resident in mind to ensure they would appeal to renters over the long term. Qualitas has settled almost 0 Sydney, Melbourne and Brisbane units across its portfolio over the last few months, and just four pre-sales have defaulted over that period.While a large number of apartments are expected to go to market in over 2017, Fischer is confident that “quality will prevail”.”Well-conceived projects with experienced parties will likely work through any challenges that 2017 presents, whereas borderline projects might see some harder times getting settlements completed,” he says.