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Coronation Property Records Spike In Sales Among First Home Buyer Market; Abolishing stamp duty entirely for properties under $650,000 was met with enthusiasm by first home buyers
Topic Started: 22 Aug 2017, 08:47 PM (957 Views)
Bardon
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Coronation Property Records Spike In Sales Among First Home Buyer Market

The NSW Government’s housing affordability package, which include stamp duty concessions, have been in force since July this year.

The mid-year decision by the government to abolish stamp duty entirely for properties under $650,000 was met with enthusiasm by first home buyers, who suddenly found themselves in a far better position to enter the market. So, it’s certainly not surprising that developer Coronation Property has a recorded a spike in sales amongst sub-$650,000 apartments.

Coronation Property has a long history of providing home purchasers with high-quality apartments that benefit from a wide net of world class collaborators, such as celebrity landscaper Jamie Durie of Durie Design and architect Domenic Alvaro of Woods Bagot, at very reasonable price points, with apartments starting from just $465,000 at The Paper Mill.


Managing Director of Coronation Property, Joe Nahas, says The Paper Mill precinct’s last stage, known as The Foundry, has been immensely popular with first home buyers since it was launched to the market a few months ago.

“The Foundry is tailor-made for buyers considering their first home purchase, with nearly 70 per cent of the apartments available for sale at a price point below $650,000, giving buyers access to premium homes fronting the Georges River,” Nahas said.

“There is no compromising on anything at The Paper Mill, with instant connectivity by way of a train station just 500 metres away and world-class design delivered through the consultants that have worked with us to create this outstanding community.

“Not only will The Paper Mill have everything on hand for residents, like a retail plaza spanning over 1400sqm that incorporates various heritage aspects of the site’s historic paper mill structure, but the precinct is also set to become a destination for those in the area drawn to the re-activated riverbank as the ultimate place to dine, enjoy a coffee or take in the river via a beautiful boardwalk overlooking the water.”

Nahas added that the majority of buyers to date are intending to reside in their new apartments, another trend that solidifies Coronation Property’s role in providing future residents with everything they need to call home.

Over the next 20 years, Liverpool’s population is forecast to increase by 55 percent to 331,000 people, compared to a 37 percent increase across Greater Sydney, something that Mr Nahas says will only contribute even greater demand for residential property in the area.

Importantly, Sydney’s first home buyers can still get their foot on the property ladder at The Paper Mill, with 104 apartments available at The Foundry for under $650,000, including one-bedroom apartments starting at $465,000, and two-bedroom configurations from $575,000.

“These prices are indicative of a lot of housing that is springing up around Liverpool and in the Greater West, which is perfect for first home buyers, as it sits in that sweet spot under $650,000, somewhat dispelling the myth that there is nothing on offer for young buyers in Sydney,” Nahas said.

Liverpool is one of the top five hot spots for under 30s in Australia by way of mortgage applications and is also the top spot in New South Wales, according to credit scoring and information service Credit Simple.

According to Kevin Gray from Mortgage Choice a first home buyer would require a minimum deposit of around $33,000 for a $650,000 apartment.

“In Western Sydney, there are plenty of areas where property remains reasonably priced, which is great news for all property buyers, and with interest rates continuing to hover around record lows, the cost of borrowing remains incredibly affordable.

“With the addition of the NSW Government’s First Home Buyer Grant[1], young buyers can receive $10,000 towards a new home, which can make a significant impact on a purchase price up to $650,000,” Gray said.

Confirming Liverpool’s affordability for first home buyers, Nahas said the suburb’s youthful median age of just 33 [2] is a result of the area’s well-priced apartment housing and booming economic potential.

But it’s not just affordability that is seeing first home buyers hone in on Liverpool, there are a wide range of other factors that are attracting first time home buyers to the area, including the new South West rail link.

“The expansion of Liverpool Hospital – NSW’s largest hospital, is another drawcard, as is the fact that Liverpool is the only city in Sydney to have two university campuses in its catchment,” Nahas said.

“These include Western Sydney University, which has a new Higher Education Centre in Liverpool’s CBD, while the University of Wollongong now has a campus on Moore Street.”

Young first home buyers are also moving to Liverpool for the chance to live where they work, with the nearby Moorebank Intermodal Freight Terminal currently under construction and expected to generate around 7000 jobs and $9 billion in economic benefits.

Recent changes to the City of Liverpool’s planning rules has also seen the Liverpool CBD undergoing a true “revitalisation” with 10,000 new residential units and the construction of new shops and offices now underway.

“There is no doubt that Liverpool is poised to really take off in years to come as the next city hub for the Greater West after Parramatta,” Nahas said.

“In light of these exciting developments, we’re excited to bring one of the most exceptional lifestyle offers in Liverpool to first home buyers, by way of luxury, riverfront living together with a host of entertainment, retail and dining options.”

Liverpool Council predicts that one in three new residents of NSW will live in the Great South West by 2036, with the population expected to increase by 77 per cent in this time. [3]

Once The Paper Mill is fully occupied, approximately 3,000 residents will have direct access to the river, with the precinct also connected to Liverpool Railway Station via a riverfront boardwalk.

https://www.theurbandeveloper.com/coronation-property-records-spike-sales-among-first-home-buyer-market/
Edited by Bardon, 22 Aug 2017, 08:47 PM.
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Dr Kinetoscope
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Bardon
22 Aug 2017, 08:47 PM
Coronation Property Records Spike In Sales Among First Home Buyer Market
https://www.theurbandeveloper.com/coronation-property-records-spike-sales-among-first-home-buyer-market/
This is a sponsored article - a puff piece for a developer.

The modern day equivalent of semi-glossy junk mail in the letterbox.

Certainly not worthy of a thread if this place has any standards.

Sorry Bardon, but you know i'm right.
Edited by Dr Kinetoscope, 22 Aug 2017, 08:51 PM.
Architecture Porn
ShadBerg's torrid Macrobusiness love affair
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Bardon
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I certainly learned this alright from the article.

Liverpool Council predicts that one in three new residents of NSW will live in the Great South West by 2036, with the population expected to increase by 77 per cent in this time. [3]

That's an awful lot of first home buyers continually taking their first step onto the ladder. Paying less than $650k for high end product in Liverpool will be boasted about for eons to come.
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Bardon
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First home buyer levels surging in Canberra despite the lowering of freebies!

First home buyer numbers surge in Canberra

Canberra first home buyers have surged into the market in strong numbers during June, keeping the great Australian dream of home ownership alive despite the recent sharp increase in house prices.

The Bureau of Statistics reported that 229 loans were approved for first home buyers in the ACT over June, an increase of 22.5 per cent over the previous month.

The June total was the highest monthly result recorded by the ACT since October 2009 during the then global financial crisis stimulus First Home Owners Grant Boost scheme, initiated by the federal government.

The number of ACT first home buyer loans approved over the first six months of this year is now 6.9 per cent higher than that recorded over the same period last year.

The trend for first home buyer activity in the ACT is clearly on the rise with four consecutive sharp monthly increases in lending activity from this group.

The first home buyer market share of total owner-occupier loans approved in the ACT has also surged over June, rising to 18.8 per cent and the highest local monthly proportion recorded since January 2013.

The average first home buyer loan approved in the ACT eased sharply over June to $294,300 and was 6.3 percent lower than that recorded over June last year.

The strong increase in first home buyer activity this year has been recorded despite the recent change to the local first Home Owner Grant, which for new home purchases up to $750,000 was reduced from $10,000 to $7000 effective from January 1 2017.

https://www.domain.com.au/news/first-home-buyer-numbers-surge-in-canberra-andrew-wilson-20170811-gxu0ti/
Edited by Bardon, 25 Aug 2017, 05:45 PM.
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Bardon
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Investor Signposts: Week Beginning September 4 2017

• On Friday the July data on home loans is released. Based on data from the Bankers Association, the total value of loans may have edged 0.1 per cent higher in July but owner-occupier loans may have lifted by 3 per cent, presumably with first home buyers leading the way.

http://www.thebull.com.au/premium/a/69311-investor-signposts:-week-beginning-september-4-2017.html
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Bardon
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FHBs come out to play despite affordability downturn

The release of the Adelaide Bank/Real Estate Institute of Australia Housing Affordability Report reveals housing affordability is generally on the decline nationwide, while first home buyers are increasing and renters have entered a relief period.

According to the report, the proportion of median family income needed to meet an average loan repayment was up 1 per cent this quarter to 31.4 per cent, up 0.2 per cent during the June quarter last year.

Despite affordability declining, first home buyers increased 14 per cent over the quarter and 1 per cent over the last year.

“A slight increase in housing affordability shouldn’t overshadow the welcome news that the number of first home buyers increased by 14.0 per cent during the quarter, said Darren Kasehagen, head of business development at Adelaide Bank.


“Compared to the corresponding quarter in 2016, the number of first home buyers went up in Queensland, Western Australia, Australian Capital Territory and the Northern Territory, with both territories recording very solid FHB growth of 49.6 per cent and 40.0 per cent respectively.”

Median rents also saw a decrease of income needed to meet rent repayments to 24.3 per cent, a 0.6 per cent decrease over the quarter and a decrease of 0.5 per cent for the June quarter last year.

Rental affordability saw improvements in every state and territory over the quarter, except for the ACT, which held steady. However, the ACT is the most affordable state or territory to rent in at 17.9 per cent of income required, while NSW is the least affordable at 28.6 per cent.

The report showed the average loan size for first home buyers increased to $317,500, a rise of 1.2 per cent over the quarter and 0.6 per cent over the last year, with first home buyers making up 14.3 per cent of all owner-occupiers including refinancing, and 20.8 per cent when excluding.

Meanwhile, the average loan size for non-first home buyers increased to $386,664, a rise of 3.7 per cent over the quarter and 4.5 per cent over the last year.

The national median weekly family income increased to $1,696, a rise of 0.5 per cent over the quarter and 2.2 per cent over the June quarter last year, and the average monthly loan repayment increased to $2,311, a rise of 4.1 per cent over the quarter and 3.1 per cent over the June quarter last year.

Mr Kasehagen continued, stating average loan sizes saw an increase over the last year in New South Wales, Victoria, Queensland and the Northern Territory, while they decreased over the quarter in in South Australia, Tasmania and the Australian Capital Territory.

“This improvement was recorded across all states and territories except in the Australian Capital Territory which was stable. In fact, it costs less on average to meet mortgage payments in Tasmania and the Northern Territory than it does to rent.”

The report breaks down state and territory around the nation to gauge housing affordability, the state of first home buyers and renters:

https://www.smartpropertyinvestment.com.au/news/16705-fhbs-come-out-to-play-despite-affordability-downturn
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Bardon
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NSW, Victorian stamp duty exemptions are drawing first home buyers back to market

First home buyers have surged back into the housing market after state governments on the east coast started offering them stamp duty savings.

The proportion of loans to first home buyers reached its highest point in four years in July, at 16.6 per cent, according to the Bureau of Statistics.

From July 1, the Victorian government introduced stamp duty exemptions for first home buyers for properties worth up to $600,000, while in NSW the threshold was $650,000. Tiered concessions were available for homes worth up to an extra $150,000 in both states.

The affordability measures follow spiralling eastern seaboard price growth over the past five years that has made it harder for first home savers to accumulate a deposit, but some in the market have raised concerns that the grants could push up prices further.

HIA principal economist Tim Reardon said the government incentives had a “significant” impact on buyer behaviour.

“These policy interventions have driven a dramatic increase in the involvement of first home buyers in the market,” Mr Reardon said.

CommSec chief economist Craig James noted a rise in loans for newly built homes combined with the increase in first home buyers.

“Not only are plenty of homes being built, some Gen Ys and millennials are actually moving out of their parents’ homes and buying their own abode,” Mr James said.

“More homes are being built and demand remains firm. We expect the housing market to experience a soft landing.”

The number of Australian home-loan approvals rose by a seasonally adjusted 2.9 per cent in July from June, the Bureau of Statistics said.

Economists surveyed ahead of the announcement had expected a rise of 1.0 per cent for the month. The value of loans for investment housing fell by 3.9 per cent from June, the ABS said.

Finance approvals to build new houses rose by 3.1 per cent in July from June. Approvals to buy newly built dwellings rose by 1.9 per cent, while lending for the purchase of established homes rose by 2.9 per cent in the month.

The data comes amid increasing evidence that Australia’s housing market has cooled after mortgage lending rules were tightened in March to make riskier lending harder, especially to investors.

House prices were unchanged nationally in August, raising expectations that a boom in recent years may finally be fizzling out as well as cooling fears around one of the biggest risks to the economy, according to property research group Corelogic.

Housing’s rise to record levels has strained affordability and lifted household debt to among the highest globally.

While more time is needed, the curbs on mortgage lending appear to be taking hold, with only Melbourne showing some signs of resistance, posting a 0.5 per cent rise in house prices over August.

Australia’s central bank is increasingly convinced that the country’s home-price surge is levelling off.

While “rising briskly in some markets ... there are signs that conditions are easing, especially in Sydney,” noted Reserve Bank of Australia Governor Philip Lowe this week.

http://www.theaustralian.com.au/business/economics/home-loan-approvals-jump-29pc-in-july/news-story/bf795d302514d6ab16fe7bcb533828a9
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Bardon
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First-home buyer bags Bellfield home at first sight
A FIRST-home buyer from Caulfield has splashed $915,000 on a modest Bellfield house after seeing it for the first time on auction day.

A YOUNG first-home buyer from Caulfield has bagged herself a Bellfield house for $915,000, after seeing it for the first time on auction day.

The buyer was among five bidders who fiercely contested the three-bedroom house on a 607sq m block at 6 Wilkinson Cres.
William Huxley auctioneer Alex Morgan said the property sold $15,000 above the owner’s reserve price.
It was an exciting opportunity to purchase in a coveted pocket bordered by prestigious Thornbury and Ivanhoe, Mr Morgan said.
“This is a great landholding in an often underestimated suburb that is showing strong growth,” he said.

CoreLogic records show the property last changed hands in late 2014 for $628,000. The median price has jumped 11.9 per cent in Bellfield over the past 12 months to $804,500. The price soared 38.4 per cent over the past three years.

http://www.news.com.au/finance/real-estate/melbourne-vic/firsthome-buyer-bags-bellfield-home-at-first-sight/news-story/ce3111a9323d40c06913f3576cb51bab
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