Mirvac announced on Monday that it will launch the second building of its "Pavilions" Sydney Olympic Park development in August.
In February this year Mirvac took on the challenge of housing affordability, announcing The Right Start initiative alongside NSW Minister for Planning and Housing, Anthony Roberts, at the launch of the first stage of Pavilions.
The Right Start initiative allows buyers to exchange on a five per cent deposit and enter into an agreement to pay the remaining five per cent deposit in two annual instalments.
The initiative aims to lower the barrier of home ownership with a reduced deposit, giving first home buyers priority to purchase ahead of other buyers and provided assistance on the process of buying off-the-plan.
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Mirvac General Manager NSW Residential, Toby Long, said the successful launch of Pavilions showed demand coming from a diverse range of buyers from all over Sydney with a greater proportion of first home owners.
“The Right Start lowered the deposit hurdle to get into the market allowing 55 people who had been locked out of the market to realise their dream of moving out of home or making the transition from renter to home owner,” Long said.
“That was a fantastic result and we believe first home buyers will find the boutique nature of Verde in a premium development appealing.”
More than one-third of the total 69 apartments in the new building release, Verde, will be reserved for first home buyers and priced below $650,000 to qualify for full stamp duty exemption with around a dozen under $600,000, meeting the criteria for the Government’s $10,000 first home owners’ grant.
Currently over 80 per cent of released apartments have sold, a result that has reaffirmed Mirvac’s confidence in the demand for quality housing in a location that the NSW Government has earmarked for $10 billion in infrastructure spending, including a station on the proposed Parramatta to Sydney Metro line.
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Located 14 kilometres from the Sydney CBD, Pavilions has the further advantage of proximity to Parramatta and the scientific and technology corridor linking North Ryde, Macquarie Park and Macquarie University.
According to data collected from REA, Mirvac are providing a product offering that sits below the median property price for the area. The 12-level Verde building will comprise one, two and three bedroom apartments from $595,000.
According to the developer the two and three bedroom split-level terraces (priced from $1.39 million) have been designed with the family buyer and downsizer in mind.