McGrath Central Coast and property developer Central Real have announced a new residential development offering a housing affordability initiative aimed to assist first home buyers.
Located on New South Wales' Central Coast, the development known as 'Icon' will comprise 57 apartments, with a selection of one, two and three bedroom residences.
Icon's apartments feature Miele appliances and floor to ceiling tiles in every bathroom. They also offer uninterrupted water views, large terraces and stacking doors to take in the views.
Icon is positioned within a few hundred metres of Gosford Railway, Gosford Hospital and five minutes from the M1 motorway to Sydney.
First home buyers who purchase an eligible residence in the Icon development will receive a one-off $7,250 cash payment provided by the developer, matching the potential savings a buyer can achieve over a 15-month period under the Federal Government’s recently announced First Home Super Saver Scheme.
The amount of $7,250 will be paid directly to eligible first home buyers on settlement and will not be determined by their contribution amount to the Super Saver Scheme.
Central Real Founder and Managing Director Tony Denny agreed that first home buyers find it difficult to break into the property market.
"We support the Government’s new Super Saver Scheme and have matched the potential savings these buyers can achieve over a 15-month period with a cash payment of $7,250.
“With 20 apartments available in Icon under $550,000 and an initial deposit of just 5 percent required, we hope our affordability initiative will break down a few barriers for first home buyers."The incentive provided by Central Real will be available to eligible first home buyers in addition to the Federal Government’s Super Saver Scheme, the NSW Government’s First Home Owner Grant (New Homes) scheme and Stamp Duty concessions for new homes.
Due for completion in 2019, McGrath Central Coast Principal Jaimie Woodcock said Icon’s one-bedroom apartments will provide an ideal opportunity for first home buyers to get a foothold in the property market.
“With significant investment in infrastructure and services in recent years, Gosford is an increasingly sought-after area.
“Housing affordability continues to be an issue for many Australians, particularly first home buyers. We hear the frustrations of buyers every day in our local community and it’s exciting to be able to offer an incentive that will make a genuine difference.”