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Mar 26 2017 at 2:08 PM
First home buyers snap up Mirvac, investors continue to buy
apartments
Off the plan rush: At the front of the queue for Mirvac's Pavilions project launch at 7.30am,
grandfather Gary Carless and grandson Kyle Carless kept their fingers crossed. Kirk
Gilmour
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by Su-Lin Tan
Sydney's new apartments sold well over the weekend even as buyers deliberated over
their purchases against possible macroprudential changes in bank lending.
Sales were calm and steady across several off-the-plan launches across the city,
except for Mirvac's Pavilions launch at Sydney Olympic Park which saw the return of
big early morning queues mainly first home buyers. Just before 7am on Saturday,
they lined up to purchase one of Mirvac's 60 first home buyer only apartments.
Mirvac's first housing affordability initiative "The Right Start" gives first home buyers first
dibs at 60 of the lowest priced apartments priced below $750,000 with just 5 per
cent deposit, half the group's usual requirement. The remaining 5 per cent deposit
would be paid in two annual instalments.
As many as 54 of those units sold on Saturday, but even with easier payment options,
many buyers sought assistance from parents and families to put down a deposit.
Buyers at the release of units in Mirvac's Pavilions complex on Saturday. Kirk Gilmour
First home buyer Aashna Rai who works at the Australian Taxation Office in
Parramatta, a short distance from Sydney Olympic Park, snapped up a level-16 onebedroom apartment for $665,000. Her parents, who were with her, paid her deposit.
"You can only expect it to get crazier," she said.
Renting was an option for Ms Rai, but she wanted the stability that came with home
ownership.
It wasn't just first home buyers but investors and upgraders who also thronged the
launch.
A couple, Mr and Mrs O'Neil, who owned an existing Mirvac unit in Newington just
west of Olympic Park, bought a $1.655 million three-bedroom apartment either to
move into or as an investment. They were comfortable that the housing market in
Sydney would stay solid, because "it was in a world of its own".
External image of The Surry, Cadmium Property's planned development. Supplied
At the end of Saturday, 75 per cent of the apartments priced between $575,000 and
$1.9 million in the first stage release sold, Mirvac said.
Pavilions is the first residential project to launch under Sydney Olympic Park's new
masterplan, which will provide housing for 18,000 new residents by 2031.
Just under 1 kilometre away from Mirvac's project, developer JQZ also commenced
an expressions of interest campaign for the first stage sale of 561 apartments at its
Vivacity project at Uhrig Road, Homebush. A formal launch will follow with
Mandarin speaking project marketers PIA and Sunnyland handling sales.
The Ken Done family business Cadmium Property's boutique luxury apartment
project The Surry also launched, 24 apartments at the project at 423 Elizabeth Street,
Surry Hills.
The launch of The Surry apartments in Surry Hills by Cadmium Property on
Saturday. Esteban La Tessa
Half sold on the weekend.
Cadmium said 80 per cent of the purchasers were owner occupiers and locals from
around the area including Bondi Junction and Inner Surry Hills. One bedroom units
were most popular, priced from $895,000 but averaging around $1.1 million. One
buyer bought a 3 bedroom apartment for just over $3 million.
Render of JQZ's new apartment project Vivacity in Homebush. Supplied
http://www.afr.com/real-estate/first-home-buyers-snap-up-mirvac-investors-continue-to-buy-apartments20170324-gv5twb#ixzz4cf4s4Tbw