Changing Market Attitudes Behind Derby Place Buying Frenzy

Market Insights
8 years ago
2 minutes

Buyers have flocked to snap up a contemporary new apartment development in Kew, with 40 per cent of the apartments selling in the first three weeks of sale.

The developers behind ‘Derby Place’, Crema Group, says much of the initial success comes down to locals looking to remain in the area; 90% of the buyers are from Kew.

“We’ve had a great response from local Kew residents. Empty nesters from around the area have embraced the project as it ticks all the boxes – location, design and quality,” explains Kayta Crema, Sales and Marketing Manager for Crema Group.

“The majority of sold apartments have been bought by locals from around the neighbourhood, looking to downsize without having to leave their friends, family, their favourite café, the local grocer or the prestigious suburb they have grown to love.”

Situated in amongst the bustling High Street strip of shops, Derby Place neighbours the Kew Recreation Centre, and is surrounded by top restaurants, cafes, public transport options and riverside walking trails.

“We were very surprised by how quickly jumped at the project. Our purchasers have been telling us they’ve been looking for something in the area for over 12 months. I think there was a gap in the market as there weren’t any apartment developments in the area people were happy to sell their house for and shift into.” Ms Crema says.

She says the response is an indication of changing attitudes within the property market.

“The market hasn’t been very receptive to apartment living in Kew until now. It’s a conservative market with a wealthy demographic and until the last few years, the way of thinking was to live in a large house with a garden. But the market is changing and what people want is starting to shift. People are happy living in something low maintenance, you can just lock it up and go travelling.”

Derby Place offers 78 apartments spread across six levels, with only the finest quality finishes used throughout.

One bedroom apartments range between 54 square metres to 74 square metres, and three-bedroom dwellings are from 114 square metres to 300.

Luciano Crema, Managing Director for for Crema Group, says the architecture echoes both contemporary design and the prestigious homes of Kew while respecting the neighbourhood aesthetic.

“We’ve always had the Kew community at the front of our minds, ensuring the project is courteous to locals and an address to be desired and equally admired.”

The Crema Group has owned the site for more than 30 years. 

It was initially developed as a commercial building in the 1980s, but since then, the third Crema generation is now in charge, and will convert the site into what one day will become Derby Place.