The NSW Government’s housing affordability package, which include stamp duty concessions, have been in force since July this year.
The mid-year decision by the government to abolish stamp duty entirely for properties under $650,000 was met with enthusiasm by first home buyers, who suddenly found themselves in a far better position to enter the market. So, it’s certainly not surprising that developer Coronation Property has a recorded a spike in sales amongst sub-$650,000 apartments.
Coronation Property has a long history of providing home purchasers with high-quality apartments that benefit from a wide net of world class collaborators, such as celebrity landscaper Jamie Durie of Durie Design and architect Domenic Alvaro of Woods Bagot, at very reasonable price points, with apartments starting from just $465,000 at The Paper Mill.
Managing Director of Coronation Property, Joe Nahas, says The Paper Mill precinct’s last stage, known as The Foundry, has been immensely popular with first home buyers since it was launched to the market a few months ago.
“The Foundry is tailor-made for buyers considering their first home purchase, with nearly 70 per cent of the apartments available for sale at a price point below $650,000, giving buyers access to premium homes fronting the Georges River,” Nahas said.
“There is no compromising on anything at The Paper Mill, with instant connectivity by way of a train station just 700 metres away and world-class design delivered through the consultants that have worked with us to create this outstanding community.
“Not only will The Paper Mill have everything on hand for residents, like a retail plaza spanning over 1400sq m that incorporates various heritage aspects of the site’s historic paper mill structure, but the precinct is also set to become a destination for those in the area drawn to the re-activated riverbank as the ultimate place to dine, enjoy a coffee or take in the river via a beautiful Riverwalk overlooking the water.”
Nahas added that the majority of buyers to date are intending to reside in their new apartments, another trend that solidifies Coronation Property’s role in providing future residents with everything they need to call home.
Over the next 20 years, Liverpool’s population is forecast to increase by 55 percent to 331,000 people, compared to a 37 percent increase across Greater Sydney, something that Mr Nahas says will only contribute even greater demand for residential property in the area.
Importantly, Sydney’s first home buyers can still get their foot on the property ladder at The Paper Mill, with 104 apartments available at The Foundry for under $650,000, including one-bedroom apartments starting at $465,000, and two-bedroom configurations from $575,000.
“These prices are indicative of a lot of housing that is springing up around Liverpool and in the Greater West, which is perfect for first home buyers, as it sits in that sweet spot under $650,000, somewhat dispelling the myth that there is nothing on offer for young buyers in Sydney,” Nahas said.
Liverpool is one of the top five hot spots for under 30s in Australia by way of mortgage applications and is also the top spot in New South Wales, according to credit scoring and information service Credit Simple.
According to Kevin Gray from Mortgage Choice a first home buyer would require a minimum deposit of around $33,000 for a $650,000 apartment.
“In Western Sydney, there are plenty of areas where property remains reasonably priced, which is great news for all property buyers, and with interest rates continuing to hover around record lows, the cost of borrowing remains incredibly affordable.
“With the addition of the NSW Government’s First Home Buyer Grant[1], young buyers can receive $10,000 towards a new home, which can make a significant impact on a purchase price up to $650,000,” Gray said.
Confirming Liverpool’s affordability for first home buyers, Nahas said the suburb’s youthful median age of just 33 [2] is a result of the area’s well-priced apartment housing and booming economic potential.
But it’s not just affordability that is seeing first home buyers hone in on Liverpool, there are a wide range of other factors that are attracting first time home buyers to the area, including the new South West rail link.
“The expansion of Liverpool Hospital – NSW’s largest hospital, is another drawcard, as is the fact that Liverpool is the only city in Sydney to have two university campuses in its catchment,” Nahas said.
“These include Western Sydney University, which has a new Higher Education Centre in Liverpool’s CBD, while the University of Wollongong now has a campus on Moore Street.”
Young first home buyers are also moving to Liverpool for the chance to live where they work, with the nearby Moorebank Intermodal Freight Terminal currently under construction and expected to generate around 7000 jobs and $9 billion in economic benefits.
Recent changes to the City of Liverpool’s planning rules has also seen the Liverpool CBD undergoing a true “revitalisation” with 10,000 new residential units and the construction of new shops and offices now underway.
“There is no doubt that Liverpool is poised to really take off in years to come as the next city hub for the Greater West after Parramatta,” Nahas said.
“In light of these exciting developments, we’re excited to bring one of the most exceptional lifestyle offers in Liverpool to first home buyers, by way of luxury, riverfront living together with a host of entertainment, retail and dining options.”
Liverpool Council predicts that one in three new residents of NSW will live in the Great South West by 2036, with the population expected to increase by 77 per cent in this time. [3]Once The Paper Mill is fully occupied, approximately 3,000 residents will have direct access to the river, with the precinct also connected to Liverpool Railway Station via a riverfront boardwalk.
For sales enquiries, contact Coronation Property on 1800 768 401 or visit liveatthepapermill.com.au.
[1] http://www.osr.nsw.gov.au/grants/fhog[2]http://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/SSC11390?opendocument&navpos=220[3] http://www.liverpool.nsw.gov.au/trim/documents?RecordNumber=076128.2016
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