OTP housing demand heats up as vacancy rates bite

As NSW faces a housing crisis, Ray White Kiama agent Jayden Bennett and Ray White Georges River|Oatley principal Haydon Sacilotto and are in the process of selling just under 40 apartments off-the-plan in Gerringong.

The development ‘Acacia’ is located at 15-17 Blackwood Street with one-bedroom apartments available from $650,000, two-bedroom apartments available from $885,000, and three-bedroom apartments available from $1.035 million.

“Demand for OTP housing in our area is exceptionally strong,” Mr Sacilotto said.

“Our latest project in Gerringong has received over 150 enquiries in its first month - far more than any other listing we currently have on the market.

“We’ve had strong interest from investors, downsizers, and even first home buyers.

“With a variety of sizes, layouts, and price points, the development caters to a wide range of buyers.”

Mr Bennett said February’s interest rate cut had provided a sense of security for buyers looking at OTP housing.

“We’ve seen increased buyer confidence,” he said.

“The appeal of securing today’s price before further potential interest rate cuts, and the flexibility OTP provides, especially for downsizers, are all key drivers of demand.

“Many see the opportunity for market growth during construction as a major advantage.”

Mr Bennett said the Gerringong market was experiencing lots of activity.

“The Gerringong/Kiama market has stabilised, with consistent enquiry levels and strong prices still being achieved,” he said.

“It’s a much more balanced and predictable market now.

“Acacia offers sleek and contemporary architecturally designed apartments right in the heart of Gerringong.

“Featuring luxurious finishes, light-filled open plan living spaces, 9ft ceilings, and gourmet kitchens with stone benchtops, it’s the perfect blend of quality, style, and convenience.”