Sydney sees off-the-plan interest surge
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20/08/2010 6:00:00 AM
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The NSW government’s waiving of stamp duty costs for people buying off-the-plan dwellings of under $600,000 has contributed to an increased amount of buyer interest in residential developments in Sydney.
Two of Sydney’s most prominent residential developments have had almost 1,000 buyer inquiries, even before the apartments have officially been put on the market. Caritas, the St Hilliers Group development in Sydney's Forbes Street, which won’t be officially marketed until next week, has 650 people interested in purchasing off-the-plan apartments. Meriton’s development site in Epping has also had strong interest, having seen over 300 applications.
"The vast majority of applicants are looking to purchase apartments under the $600,000 threshold," said Meriton Apartments sales manager James Sialepis. He added that the stamp duty concessions have also had an impact on Meriton’s Fusion development in the Sydney suburb of Arncliffe.
The stamp duty waiver has handed buyers a potential saving of $22,490: Mark Armstrong, a director of Property Planning Australia, said that "government-driven tax benefits certainly have a lot of impact. It can potentially put some urgency into the market."
The strong interest in these projects also comes at a time when there are few major residential housing projects under way in central Sydney, due to the high cost of land, infrastructure charges and funding restraints.
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