LAST-MINUTE buyers raced to secure property yesterday before the NSW Home Builders Bonus scheme expired for all but those purchasing their first homes.
The bonus, worth up to $22,490 in stamp duty concessions, will be replaced by a $5000 grant from today. Over the past two weeks, developers have experienced demand from investors, and those looking to upgrade or downsize, trying to beat the deadline to take advantage of the concessions that apply to new properties priced less than $600,000.
The developer CBRE, which is selling 16 projects with units in the under $600,000 range, has reported strong sales across Sydney.
The managing director of CBRE Residential, David Milton, was expecting to sell at least 50 new apartments yesterday. ”The demand for apartments under $600,000 is very strong and the deadline for the stamp duty concessions is what is driving it.”
CBRE says it sold twice as many apartments last month as it did in June last year.
Australand, which has three new apartment developments selling in Sydney, reported similar interest yesterday.
While developers of new residences were celebrating strong sales, not everyone was enjoying the same success in the property market. The Carss Park mansion of the champion boxer Kostya Tszyu, in Sydney’s south, failed to sell at auction yesterday, passing on a bid of $3.25 million.
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