NRAS properties are selling like hot cakes, according to one industry commentator.
In an interview with Australian Broker, The Finance Professionals' Kiran Saldanha says one open home in Sydney’s Rosehill suburb last weekend saw twenty NRAS properties sell in that two-day period alone.
“There were 24 available on Friday, nine on Saturday and four on Sunday… One agent managed to sell 15 on one day. A lot of the guys I work with, if they can sell 15 in a month they’re doing well.”
The final four are expected to find buyers by the end of the week.
Saldanha says he has seen a significant growth of interest in NRAS properties, particularly in areas where traditional property prices are highest.
“We’re seeing the most growth in the Sydney market just because people have been so starved for inexpensive property.The NRAS concept is like nothing else people have ever seen. I have first home buyers for whom the NRAS possibility is mind-blowing… Everybody is doing the numbers and saying ‘what are the savings I have, when can I go into this – how soon can I do it?’”
Saldanha says the key to NRAS’ success in recent times is its affordability - and perceived reliability.
“We know how hard it is to get anything over 80% at the moment, our focus at NRAS is in this time of flat growth, it’s better for people to use the tax incentives and that $100.0000 [of government money] over the next 10 years to get their debt under control. That way when the market turns, you have the ability to make the most of it.”
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