An increasing amount of first home buyers are calling Sydney’s north west home, with apartment sales spiking in the area.
Carlo Palamara, senior sales executive at Sekisui House, which is a developer of The Orchards masterplanned community located in Norwest, said Sydney’s north west growth corridor is experiencing growth, with apartment sales increasingly popular with first home buyers, especially those with a price point under $600,000 in well-located masterplanned communities.
“Sales results continue to exceed expectations. Over 60 per cent of residences (57) in the Japanese-inspired golf-side building Aire valued at $30 million have been sold. First home buyers seeking to take advantage of government grants represented over 70 per cent of these sales, with downsizers and investors securing the remainder,” Mr Palamara said.
“The stamp duty exemption, $25,000 HomeBuilder and $10,000 FHB grants have all spurred first home purchasers into action. A saving up to $55,000 on a one-bedroom apartment under $600,000 is a major incentive.”
First home buyer and finance student Dylan Whalan is one of those taking advantage. The 21-year-old has been saving funds for over two years from his maintenance job in a retirement village to save for his home deposit.
“I purchased a one-bed flexi apartment in Aire on level two and my parents are on five. The rooftop entertaining area, high-quality finishes, proximity to the local golf course, as well as family and friend in Kellyville and accessibility to the city via the new metro line made the decision to buy easy.
“Price, location and record-low interest rates are also key sales drivers in the current market. The Norwest’s location in the heart of the multibillion investment from both state and federal governments as well as the private sector, combined with government grants, is a lethal combination in helping keep the market buoyant in this part of Sydney.
“Local Baby Boomers living within a five-kilometre radius from Norwest are also selling their homes and downsizing to large two- and three-bedroom apartments. Generally, they are purchasers selling a home around $1.5 million to buy an apartment in the range of $900,000 to $1.1 million. Extra cash is then left over to enjoy retirement.”