Industry leading Sydney based construction and property development company ALAND has announced it registered a record month for sales in March, surpassing its previous record set in December last year.
During the period, ALAND exchanged 197 contracts valued at more than $113 million, as buyers rushed to get into the Sydney property market to take advantage of low interest rates, and the Government’s HomeBuilder scheme.
“Conditions were extremely favourable. There is no doubt that ALAND’s affordable price point combined with low interest rates tempted both first home buyers and investors into the property market,” said ALAND Sales Director Mark Bernberg.
“It’s likely that strong buyer demand will continue to fuel robust property sales long after the end of the government’s COVID stimulus schemes.”
The bumper sales month reflects renewed buyer hype throughout greater western Sydney, with ALAND experiencing a surge in sales at two of its most popular developments, The Hoxton in Liverpool and Schofields Gardens in Schofields.
“Traditionally our properties have been mostly purchased by investors. Our product range in terms of fixtures and fittings are at a price that is perfect in terms of generating significant rental yield,” he said.
“But since the HomeBuilder grant was introduced last year, 70 per cent of our properties were being bought by first home buyers.”
The Liverpool and Schofields areas, both in western Sydney, are expected to grow rapidly over the coming decade, boosted by new infrastructure projects.
In 2019, the NSW Government said that population growth for the Liverpool area was expected to increase 26 per cent over the next decade.
The Schofields Precinct was rezoned by the NSW government in 2012 and new planning controls were put in place to allow for urban development, which the government said at the time would include nearly 3,000 new homes.