Buyers queued out the door to put down $5,000 booking deposit down and 230 apartments were secured

80 per cent sold to local buyers - mostly Chinese Australians - and other 20 per cent to overseas buyers

Macquarie Park apartments were 'snatched up' in just hours on Saturday


Almost all of Sydney's Park One premier apartments have been snapped up by mainly Chinese buyers in a sign Australia's property boom is far from over.

Chinese Australians bought 80 per cent of the 230 first-stage Macquarie Park apartments, in Sydney's north-west, while overseas buyers from China, Singapore, Malaysia and Canada picked up the other 20 per cent.

Buyers were seen crowded in the display suite on Saturday and according to the founder of developer Golden Age Group Jeff Xu, people were 'snatching, not buying'.

But on Sunday, economist Chris Richardson warned buying property was one of the 'worst investments' and there will be a 'shakeout'.

Scroll down for video

Almost all of Sydney's Park One premier apartments have been 'snatched up' in just hours after Chinese buyers lined up in their dozens to place a booking deposit (pictured)

More than 80 per cent of the 230 first-stage Macquarie Park apartments sold to mostly Chinese Australians, while 20 per cent went to overseas buyers from China, Singapore, Canada and Malaysia

Park One will have One, two and three bedroom apartments available and the buildings boast ground floor cafes, retail stores and private parkland

Mr Richardson said the strategy of betting 'double or nothing' on property will not last as buyers are failing to invest in shares or other assets and a bust in apartment prices is looming.

'There's an increasing risk that [property will] becomes the worst investment in the next few decades. That might happen fast or slow. But every policy maker should pray that it happens slow,' Mr Richardson told the Australian Financial Review.

He said an inevitable shift in the property market is creating an incentive for developers to 'flog' their apartments as fast as they can.

'As the cost of money has gone increasingly close to zero, the cost of housing has increasingly gone atmospheric,' he said.

Park One will be two high-rise towers with 408 apartments and will have one, two, and three bedroom premier units. Pictured is an artist's impression of the building

Buyers were seen crowded in the display suite on Saturday and according to the founder of developer Golden Age Group Jeff Xu, people were 'snatching, not buying'

On Sunday, economist Chris Richardson warned property was one of the 'worst investments' and there will be a 'shakeout'

On Friday, the Reserve Bank of Australia said apartment oversupply in Melbourne and Brisbane was 'coming to the fore' and lenders were at risk if developer and buyer borrowers default

One, two and three bedroom apartments are available to buyers and the buildings boast ground floor cafes, retail stores and private parkland

'At some stage, interest rates will be a chunk higher than they are today. That does mean housing prices in Australia have to live through a very long period of headwinds.

Mr Richardson said buyers should not assume the low interest rates will continue and factor that into future housing plans.

On Friday, the Reserve Bank of Australia said apartment oversupply in Melbourne and Brisbane was 'coming to the fore' and lenders were at risk if developer and buyer borrowers default.

But despite the warning, new apartment sales soared in Sydney at the weekend. Both Sydney and Melbourne auction markets reached an 80 per cent clearance, according to the Australian Financial Review.

Buyers lined up in their dozens to place a $5,000 booking deposit on the much-anticipated Macquarie Park apartments on Saturday

The queue stretched out the door of the display suite in Macquarie Park on Saturday

One, two and three bedroom apartments are available to buyers and the buildings boast ground floor cafes, retail stores and private parkland

More than 90 per cent of the Park One apartments were snapped up in just three hours, with queues streaming out the door

Two high-rise towers house the 408-unit Park One apartments on Waterloo Road

The second stage of Park One apartments will be announced in the coming weeks

More than 90 per cent of the Park One apartments were snapped up in just three hours, with queues streaming out the door.

'There's a lot of talk about oversupply but show us where has it fallen?' Mr Xu said.

Two high-rise towers house the 408-unit Park One apartments on Waterloo Road. One, two and three bedroom apartments are available to buyers and the buildings boast ground floor cafes, retail stores and private parkland.

The second stage of Park One apartments will be announced in the coming weeks.

Buyers were desperate to reach the front of the line and secure their $5,000 booking deposit as their expression of intention