In Sydney, construction is picking up pace on the next stage of the $2 billion Sekisui House project at Wentworth Point.

Under the development plan, about 2,100 apartments in seven buildings will be built on a former industrial estate 13km west of the central business district on the Parramatta River.

Architects Turner designed the project, called Sanctuary, which is situated on a 9.4ha site that also includes space for the future Parramatta Light Rail line.

The next stage of the six-stage project is Willow, consisting of 309 apartments and a lagoon-style swimming pool, which will enhance the “green heart” of the area.

The average number of homes completed in Sydney fell to a low of 21,011 in mid-2023 and reached a “crisis” level, according to the NSW Government’s Urban Development Panel, but is expected to improve.

The number of homes completed fell 30.1 percent below the five-year average, but is forecast to rise to 29,520 homes in 2027. That’s a huge improvement, but still well below the 40,000 level seen in 2018-19.

▲ A visualisation of Sekisui House Australia and Turner’s project at Wentworth Point, which aims to transform a former industrial area into a waterfront precinct.

Paul Wainwright, chief operating officer of Sekisui House Australia, said around 100 apartments at Willow had been sold.

“People are seeing the appeal of living in one of Sydney’s last and largest riverfront apartment buildings, facing fully north,” Mr Wainwright said.

“This is the final piece of the puzzle in transforming the Parramatta River into the heart of Sydney.

“Sanctuary also provides extensive public open space and a range of amenities, which are its main attractions.”

Meanwhile, closer to Sydney Harbour and east of the central business district, Third.i and partner Toohey Miller have launched a 13-apartment project, Muse, on the outskirts of Potts Point.

▲ Third.i’s Muse on Brougham Street consists of 13 apartments, bringing the total planned for the street to 35. The total value of the revitalization will be $100 million.

The project, designed by WMK Architecture, includes a common rooftop space and interiors designed by Mathieson Architects.

New South Wales construction company Dilcara has been selected to build the project, with completion scheduled for early 2026.

Third.i co-founder Luke Berry said they expect investment in this area to increase due to the large scale of work planned for the near future.

“As the community continues to revitalize and modernize, we can expect property values ​​to increase,” Berry said.

“Sales are up on popular streets like Victoria and Macleay, while property prices on Brougham Street are between a third and a half of the cost per square metre.”

According to Third.i, the selling price of new and older apartments ranges from $45,000 to $80,000 per square meter, depending on the street.