First home buyers can use new scheme to secure slice of Midtown MacPark
New apartments in vibrant community meet criteria for eligible buyers
Eligible first home buyers looking to take advantage of the NSW Government’s recently announced First Home Buyer Choice scheme, or the already-established First Home Buyer Assistance scheme, will find a variety of options at Frasers Property Australia’s Midtown MacPark community.
Although 74 per cent of the project’s 668 apartments released to date have already sold, there is still a diverse range of one-, two- and three-bedroom apartments available which fit the criteria for one or both of the schemes.
Under the First Home Buyer Choice scheme eligible buyers now have the option of paying an annual property tax while they own the home, the annual amount of which will be smaller than the upfront lump sum of stamp duty.
The opportunity is open to first home buyers aged over 18 who are buying a property for no more than $1.5 million which they will move into within 12 months and live in continuously for at least six months. Buyers must be Australian citizens or permanent residents and they (or their spouse) must not have previously owned or co-owned residential property in Australia, nor received a First Home Buyer Grant or duty concessions.
Midtown MacPark consists of three landmark apartment buildings, Soul, MAC and Treehouse. Interested buyers can choose from a range of new homes for sale which fit the criteria for the scheme.
In MAC, there are eight one-bedroom apartments available which fall into the eligible price range, ranging from $690,000 to $780,000.
While Soul’s eligible one-bedroom apartments range in price from $750,000 and $775,000, the two-bedroom options are $940,000 to $985,000 and the three-bedroom apartment is priced at $1,335,000.
Both of these buildings are on track for completion within 12 months.
Buyers needing a longer completion date may be interested in Treehouse. Located on the central Village Green and scheduled for completion in 2025, it includes one-bedroom apartments priced from $735,000 to $810,000, two-bedroom apartments priced at $1,020,000 to $1,270,000, three-bedroom options priced between $1,625,000 and $1,890,000 and three-bedroom penthouse priced from $910,000 up to $2,190,000.
Prospective buyers’ individual circumstances will determine which scheme is the best choice for them.
For example, if an eligible buyer chose to purchase a two-bedroom apartment within Soul for $935,000, the annual property tax would likely be in the order of $1,306 per annum (based on an estimated land value of $302,000 for equivalent properties in the area), while the upfront stamp duty would be $37,165.
Or, under the already-established First Home Buyer Assistance Scheme, which provides stamp duty concessions for eligible buyers purchasing a home up to the value of $800,000, an eligible buyer who chose a one-bedroom apartment in MAC for $690,000 could save up to $17,849 in stamp duty, making the total $8,291 rather than the $26,140 which would be paid by non-eligible buyers.
The vibrant multi-purpose Midtown MacPark community will be anchored by a central Village Green, with playgrounds, tucked-away seating areas and an amphitheatre, a community centre and a pay-as-you-go 25m pool and gym.
A bush tucker market garden and social enterprise will round out the shared amenities, while a range of shops and cafes will occupy the ground floor of the community’s third apartment collection, the Treehouse building.
Residents of the Soul building will have access to a private pocket park. The building features Smeg appliances, induction cooking and generous balconies.
The gateway building to Midtown MacPark, MAC features loggia-style balconies, floor-to-ceiling windows and expansive views across northern Sydney bushland to the city skyline on the upper floors.
The Treehouse building features unique three-storey communal ‘Treehouse’ rooms, overlooking the Village Green.
The entire all-electric and 100 percent walkable community is built around the principles of sustainability where all energy supplied to Midtown homes will be 100 percent carbon neutral from renewable sources of energy. A car share scheme, solar power and the reuse of storm water in the neighbourhood’s green spaces are just some of the environmentally-friendly features.
In addition to the on-site proposed primary school and two child-care centres, educational and employment opportunities abound in the immediate vicinity, with the North Ryde and Macquarie Park commercial hubs, Macquarie University, and the North West Metro all within easy walking distance of Midtown MacPark.
Scott Clohessy, Development Director, Frasers Property Australia, said the First Home Buyer Choice and First Home Buyer Assistance schemes were an excellent opportunity for property-seekers to secure a home in one of Sydney’s most dynamic new neighbourhoods.
“These programs could help people find their place in a community they might otherwise have considered out of their reach. It means they may not have to sacrifice city-proximity and amenity in order to secure a home, and they could be moving in within the year,” he said.
For more information on Midtown MacPark, contact us on 13 38 38 or click here.
Prospective buyers should review the terms and conditions that apply to the First Home Buyer Choice and the First Home Buyer Assistance schemes.