PALM Beach boutique development The Jefferson has posted sales of more than $21 million, prompting the start of construction.
Tony Holland of McGrath Estate Agents is marketing the project and said 14 of the 33 apartments sold were to buyers between 25 and 45. “While The Jefferson has wide appeal, young professionals and families, along with empty nesters, have been quick to secure an apartment that represents excellent value in a sought-after suburb, just metres from the sand,” he said. “Our buyers have predominantly come from a 10 kilometre radius of the project, with many moving from the Palm Beach rental market into the owner occupier space.
First home buyers Scott Johnstone and Sarah Major (pictured above) have been renting in Palm Beach since 2015.
The pair had been looking at older apartments when they discovered The Jefferson and signed the contract just two days after seeing the plans. “When Sarah and I decided to purchase our own home we had two prerequisites — it needed to be in Palmy and it had to be by the beach,” said Mr Johnstone. “We started looking for apartments that fitted our budget but could only find older ones with two bedrooms and one bathroom. “We thought we wouldn’t be able to afford a buy brand new so close to the beach for at least 15 years but we were able to secure a two bedroom, two bathroom apartment in The Jefferson and we are absolutely thrilled.”
Mr Johnstone said he and Ms Major were looking forward to moving into their fifth-level apartment in The Jefferson, which featured two car spaces and ocean aspects. “The apartment has windows and balconies in all directions so it will capture the breezes and views from all angles,” he said.
The project, by Lacey Group, consists of 46 apartments across eight levels. Prices start from $410,000.