The Sydney property market is continuing to heat up with first home buyers rushing to sign on the dotted line before the Federal Government’s HomeBuilder scheme comes to an end on March 31 this year.
Sydney-based property developer ALAND has exchanged more than 700 properties, 350 of which are first home buyers that took advantage of the HomeBuilder Grant, since the scheme came into effect in June last year.
Last month ALAND received over 200 apartment reservations. March is now expected to be one of the busiest sales months since the HomeBuilder scheme came into effect.
“Last weekend was extremely busy with over 65 sales made on new properties,” said ALAND sales director Mark Bernberg.
“We expect a similar result this weekend, as first home buyers rush to get into the market before the scheme ends.”
ALAND has seen an influx of purchases across its well-positioned sites in Western Sydney including Liverpool, Edmondson Park, and Schofield.
The HomeBuilder scheme, which kicked off in June 2020, provides eligible owner-occupiers, including first home buyers, with a grant worth $15,000 for newly built properties. The HomeBuilder scheme was introduced to help make the property market more accessible to first-home buyers while also stimulating the construction industry.
First home buyers stand to receive up to $54,000 in savings and grants when buying a new build for less than $750,000 before March 31. That includes the $15,000 HomeBuilder grant; $10,000 NSW first home owner grant, and a stamp duty concession worth about $29,000, provided they meet all the eligibility requirements.
Thirty-five year-old Reagan Thompson purchased his first home in ALAND’s Schofield Gardens development in Western Sydney with wife Momoko in September last year.
The Brisbane resident purchased a three-bedroom unit for $665,000 in September, taking advantage of the stamp duty concession, as well as Federal Government’s HomeBuilder grant, and the First Home Owner’s Grant, in what will be a welcomed pay day when he moves into his new home later this year.
“The various grants and schemes made us make a decision faster,” he said.
“It was the right move especially given the buoyancy in the property market this year. If we had waited longer, until after the project was completed to purchase, we would have probably had to put another $40,000 or $50,000 on top, and that would all be on us.”