Government grants support demand across buyer profiles
SYDNEY, 20 OCTOBER 2020
The first apartments at Midtown MacPark, Sydney’s next great urban neighbourhood by Frasers Property Australia are now on sale and are already attracting strong interest from a range of buyers, not least because they qualify for the national $25,000 HomeBuilder grant – unlike many other apartment projects.
Available for sale is a mix of studio, one, two and three-bedroom apartments in MAC Residences, the first building in the new masterplanned community which will frame the community’s entrance with a striking, distinctive architectural presence.
From October 17, subject to their eligibility, buyers can take advantage of the Australian Government’s HomeBuilder scheme, which provides a $25,000 grant for new-build homes. For first home buyers the savings are considerably greater - over $55,000 - with the $10,000 First Home Owner Grant as well as NSW Government stamp duty concessions potentially applying.
Nigel Edgar, General Manager Development NSW, Frasers Property Australia says the diversity of apartment choices, the community amenities in the masterplan and Midtown’s convenient location is fuelling demand.
“The strength of demand has been complemented by the attractive Government incentives accessible now. MAC Residences features a wide choice of homes to meet a variety of lifestyles, to appeal to a diverse mix of people and families. First home buyers have been particularly active,” Mr Edgar says.
“While the HomeBuilder scheme has been criticised for not applying to many apartment buildings due to its tight timeframe, as construction must commence within three months of the contract date, MAC Residences is a notable exception.
“Construction of MAC Residences will begin in the first quarter of 2021 and we have a large number of apartments priced under the $750,000 cap, meaning they qualify for the national HomeBuilder grant.”
“We also have a number of apartments priced under $600,000, meaning for first home buyers, they qualify for both the $25,000 HomeBuilder Grant and the $10,000 First Home Owner Grant, plus they pay no stamp duty. That’s over $55,000 in savings which is a significant boost for a first home buyer to get onto the property ladder.”
“Midtown represents an affordable entry point for people to secure their first home in one of Sydney’s best-connected communities that will become the new urban heart of Macquarie Park,” Mr Edgar says.
Midtown is about diversity, reflected in the wide choice of homes available. Indicative pricing for studio apartments is from $495,000 to $525,000*, one-bedroom apartments are $595,000 to $780,000*, two-bedroom apartments are $820,000 to $1,040,000* and three-bedroom apartments are $1,335,000 to $1,395,000*.
There are also two-storey penthouses available, priced from $1,185,000 to $1,888,000*, in two and three-bedroom layouts. Most apartments in the 24-storey building will enjoy sweeping district views.
The masterplan for Midtown, the new heart of Macquarie Park, sets it apart from other developments in the area. The new $2.1 billion1 community occupies an 8.2-hectare site, 33 per cent of which is dedicated open space. Frasers Property Australia will work with the NSW Government to deliver this ground breaking mixed tenure community featuring a mix of approximately 3,300 apartments including mixed tenure community housing integrated with community facilities, a proposed school and childcare, aged care, a new central park, pocket parks and playgrounds, a community centre, pool and gym, and all the amenities for modern living within walking distance, underpinned by world-class design.
It's also one of the best-connected communities in Sydney, surrounded by great schools, workplaces, shopping centres and a world-class university, with easy access to arterial roads, extensive public transport options including rail and bus connections, and is just 500 metres to the Metro station.
At Midtown, world-leading architects including Bates Smart, Hassell and Candalepas Associates have collaborated to create a masterplanned community diverse in architectural form, integrating new homes with access to community amenities and green open space to create a sustainable, inclusive and vibrant place to live.
Frasers Property is targeting a 6 Star Green Star Communities rating for Midtown MacPark and the vision is for the community to be carbon neutral in operation. The natural turpentine forest which frames the community will be preserved and the popular Shrimptons Creek will be regenerated with new running and walking loops.
The homes at Midtown are specifically designed to be healthier and more comfortable to live in, using solar energy generated on site and with energy saving features, green roofs, shading devices and new tree plantings throughout the community. A car share service is also planned for the community.
Frasers Property is encouraging people to register their interest in Midtown MacPark by calling 13 38 38 or visiting www.midtownmacpark.com.au.
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1Estimated total end value of development as at September 2020.
*Pricing is correct as at 19 September 2020 and should be used as a guide only.