Despite Covid-19 woes, Australian property developer Crown Group has sold A$42 million (S$37 million) worth of apartments in two months, the firm announced.

This includes the sale of an apartment this week for A$3.67 million, at Waterfall by Crown Group, its development in Waterloo.

“History tells us that housing generally does relatively well in Australia in times of economic uncertainty, as people seek out bricks and mortar because it’s seen as a safe bet,” says Prisca Edwards, Crown Group COO, sales & marketing.

Edwards notes that there is an undersupply of new homes in some parts of Sydney. “People feel they need to act fast to secure an apartment, because they don’t know when more new homes will come [on the market],” she said.

As Crown Group is the only developer releasing new apartments in Sydney this year, “we expect sales to continue as they have so far this year – strong and with steady price growth”, she noted.

Edwards also observed that foreign buyers are taking advantage of the exchange rate. “Overseas buyers are taking advantage of the low Australian dollar to make significant savings,” she said. “This can be up to 14% for those in Hong Kong and Singapore, or 40% for those with money in the US, depending on the timing.”

Crown Group has apartments for sale at five developments across Sydney: Mastery by Crown Group, Eastlakes Live by Crown Group, Infinity by Crown Group, Arc by Crown Group and SKYE by Crown Group in North Sydney.