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In profile: Crown Group Project Sales Manager Anthony Falas

anthonyfalasheadshotPosition: Project Sales Manager, V by Crown, Parramatta

Company: Crown International Holdings Group (Crown Group)

Office Location: 45 Macquarie Street, Parramatta NSW 2150

How long have you been in the industry? 15 years

Have you noticed any major changes in the typical buyer?

The concept of the typical buyer is shifting. First-home buyers are becoming increasingly prevalent in the marketplace because they understand the value of purchasing inner-city property close to business districts, universities, shops and restaurants. This attitude shift has seen the marketplace move away from house and land packages in suburban districts and toward urban inner-city living, focused on convenience and lifestyle.  

A noticeable change is the improved knowledge of the typical buyer. The proliferation of information online has stimulated buyers to become more knowledgeable about off-the-plan purchasing and the real estate marketplace in general. This exposure of buyers to formerly unavailable information means it is important for agents to step up and know the product inside and out. This extends to having a thorough understanding of the marketplace and competitors alike. It is this understanding of factors driving the market, what appeals to the population and what is available to a buyer that ensures agents are adequately equipped to sell to the evolving, “typical” buyer.  

Another major change has been the increasing number of purchases through self-managed super funds (SMSFs). At least one in every five purchase in the past two months at our V by Crown project has been through a SMSF.  

Do you think the increasing number of people choosing self-managed super will have an effect on the property industry. If yes, how?

Yes, self-managed super funds have provided people with another avenue to invest in bricks and mortar, bringing a trillion dollar industry to the property market. The exponential growth in this sector of the market is encouraging for the industry. We should see this translate into stimulation for further development and demand for well located property in budding areas like Parramatta. A site like the V by Crown project at Parramatta covers the fundamentals of an ideal property investment, and has attracted SMSF purchasers that recognise the opportunity here.  

With many large corporations moving their headquarters West, Parramatta is increasingly becoming a thriving business district making it an attractive place to live for workers wanting to avoid the daily commute. Are there any other factors which make Parramatta a good place to buy residential property?

Population growth and urban sprawl has seen Parramatta develop into the geographic centre of Sydney, shaping Parramatta as the bustling centre for work, education, entertainment and lifestyle. I would argue that Parramatta is a sensible choice to buy residential property as it demonstrates strong employment and growth potential. Parramatta is home to Westmead Hospital which employs 15,000 people and is the largest bio-medical facility in the Southern hemisphere, Parramatta Justice Precinct - just North of the V by Crown site -is the third largest legal precinct in the southern Hemisphere and the University of Western Sydney which has a target of doubling the number of students to 30,000 within the next ten years. Parramatta can also boast the second busiest shopping centre in the country and was only a month ago labelled the fastest growing night economy in the country. The relocation of government organisations and private enterprises alike to Parramatta is a testament to the growing value of the area. A huge 40% of all employees in Parramatta are employed by local, state and federal government departments. The bottom line of these benefits? Combined they position Parramatta for strong growth in the coming years, making it an ideal place to purchase residential property.  

What are the benefits of buying off-the-plan?

An often overlooked benefit is that buyers can secure the price of the property prior to completion for an outlay of just 10% of the total property value. This opens up potential in terms of appreciation in the course of the build which benefits buyers that make an early commitment. buying off the plan can also provide buyers with a wider selection of apartments in a desirable location than is typically available when purchasing existing property.  The structure of delayed settlement, unique to off the plan projects, can also be appealing to those looking to sell their existing homes and downsize with the view of moving to the new project on completion.

What’s next at V by Crown?

We have recently erected the three-storey tall V structures which will support the front portion of the building. This has been an exciting milestone, signalling rapid progress at the site. Excavation of the level 6 basement is well underway and the first slab should be poured around September.  

From a marketing perspective, we have just launched a new stage of Eastern City View apartments. This comprises a selection of one and two bedroom apartments with views of Parramatta’s city skyline and an impressive panorama of the Sydney CBD, Harbour Bridge and North Sydney district. Prices for these apartments start at $495,000.  

crownlogoAbout Crown Group

Crown International Holdings Group (Crown Group) is a leading Australian property group, active in property development and property investment in Sydney.

The company was co-founded by architect Mr Iwan Sunito and engineer Mr Paul Sathio in 1996.

Crown Group was awarded the Master Builders Association Excellence in Housing award 2012 for its innovative, waterfront development Sanctum by Crown and in 2007 was awarded the HIA (Housing Industry Association) CSR Housing Awards 2007 Apartment Project of the Year for the hugely-successful ICON at Homebush.

Today, Crown Group has grown to become one of Australia’s leading property development companies with successfully completed major developments in some of Sydney’s best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes.

Crown Group is currently developing four major projects, Top Ryde City Living, a seven tower development in Top Ryde, Viking by Crown, a 10-storey residential complex in Waterloo, V by Crown, a 27-storey residential tower in Parramatta and Skye by Crown a 20-storey development in North Sydney launched in June 2013.

Crown group will launch Viva by Crown, the final stage of Top Ryde City Living, in September 2013.

www.crowngroup.com.au  

Disclaimer: The information provided in this document is general in nature only and does not constitute personal financial advice. The information has been prepared for information purposes only, and without taking into account your financial situation, needs or objectives. Before acting on any information contained in this document we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.

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