Back in December 2023, we consulted Chief Economist, Nerida Consibee, to see what’s in store for luxury property in 2024.

Knowing Sydney’s luxury apartments have outperformed the market and proved an outstanding investment for a decade, we asked Nerida if AURA by Aqualand’s strong sales performance was likely to continue throughout 2024, or was the luxury market’s bubble finally going to burst?

According to Nerida, several key factors had kept the luxury apartment market particularly buoyant over the past several years, including the small pipeline of new developments, building approvals falling, and increased construction costs.

Given these, and other market forces continued to impact the market, Nerida believed the luxury market would continue to perform well throughout 2024. So, the question is, was she right?

Well, we’re pleased to report she was, with the strong demand for luxury Sydney apartments remaining unabated, with AURA achieving $40M in exchanged contracts in the second week of August 2024 alone. The remarkable figure broke the North Shore record for the highest sales revenue achieved in one week, and most probably outperformed the sales volume of every other project in Sydney.

With the record-breaking performance of the $1B mixed-use North Sydney tower continuing to gain momentum, the impressive figure reflects a surge in interest since the project’s official completion on Thursday 27 June 2024.

The highest grossing week bolstered the project’s track record, which already included $100M in sales achieved across February 2024, and over $100M transacted on its market launch day on 4 December 2021.

So, what’s the upshot? Now is the best time to buy luxury apartments, as the market is showing absolutely no signs of steadying in the near future.