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Developers Offer ‘Free Mortgage’ Incentives

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As house prices in Sydney slump towards their sharpest downturn in more than two decades, savvy developers are ramping up sales and marketing techniques in an attempt to entice prospective homeowners.

Developers behind the $340 million Flour Mill of Summer Hill masterplanned community have agreed to cover new purchaser’s mortgages for six months to lure nervous shoppers in Sydney’s cooling market.

While the idea isn't new, with rebates on stamp duty, utility packages, rental guarantees, and additional finishes or amenities factored into agreements over recent years, the mortgage-free approach seems to be the right way forward with many developers stirring interest and in some cases, doubling enquires.

Joint venture partners, Daiwa House Australia and EG Developments, announced the completion of the urban renewal project earlier this week and underscored the popularity of the 360 apartment urban renewal project.

Related: Home Loan Lending Improved Towards the End of 2018

The Flour Mill of Summer Hill has created a new, dynamic and contemporary Inner West neighbourhood.
The Flour Mill of Summer Hill is offered as a "new, dynamic and contemporary Inner West neighbourhood".


Currently, 33 apartments remain for sale from the project’s final two stages in the Malthouse, Granary, Wheatstore and Durum Silos buildings, with developers agreeing upon settlement to cover the cost of any new purchaser’s mortgage for the first six months.

EG senior development manager Georgia Macintosh said that incentive had spurred on sales and would likely not last long.

“We are hoping this offer might make it easier for first home buyers to enter the market, or anyone struggling to commit to a new purchase, to get across the line and reap the rewards of this vibrant precinct for many years to come,” Macintosh said.

The development, former industrial site, repurposed one of the last operating flour mills in Sydney and was delivered over four stages comprising 11 separate buildings, a central plaza and community park.

Related: Incentives for Developers Could Help Create More Affordable Housing

Bellerive Rise in Kellyville, one of Allam Property Group's vast array of housing estates spread across Sydney.
Bellerive Rise in Kellyville, one of Allam Property Group's vast array of housing estates spread across Sydney.Image: Allam Property Group


Allam Property Group offers 12 months

Meanwhile, Penrith-based property group Allam has announced plans to cover a twelve months worth of mortgage repayments on more than 200 new homes across Sydney, the Central Coast and Illawarra.

The property group extensive experience in some of Sydney’s most sought after areas from Central Coast to Hunter Valley and South Coast.

The offer applies to new homebuyers looking at single and double storey homes at its Sydney housing estates in Box Hill, Chisholm, Edmondson Park, Kellyville, Marsden Park, Riverstone, Schofields and Tullimbar.

The one-off deal which runs between January and February putting up to $65,000 back into a buyer's pocket is already yielding results with inquiries doubling in comparison to the same time last year.

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Article originally posted at: https://theurbandeveloper.com/articles/developer-covers-new-purchasers-mortgages-for-six-months