Sydney-based developers have seen a big increase in home buyer activity following changes to stamp duty and grants in New South Wales.
The introduction of the $25,000 Home Builder grant and pause on stamp duty significantly lifted the number of first home buyer commitments in July.
The newly introduced incentives were welcomed by Modern Construction and Development who began construction in July following the announcement on their 113-apartment project at 70 Regent Street, Kogarah.
The 11-storey Kogarah Grand project designed by Dickson Rothschild includes a mix of one, two, and three bedroom apartments overlooking the bays of Monterey and Brighton-Le-Sands and the city skyline.
Home office space is a key feature in the design of the majority of apartments in the project. which also features an internal courtyard that draw fresh air and sunlight. Residents will enjoy a private rooftop garden and BBQ area, abundant storage and secure parking for every apartment.
Modern Construction and Development head of sales Richard Tan said interest in the project had increased significantly after the introduction of the Home Builder grant.
“Buyers are quite savvy and looking to take advantage of every single dollar they can get from government rebates and incentives,” Tan said.
Tan says the changes in the market since Covid-19 had led them to rethink their plans including more space to work from home.
“Our project is able to offer first-home buyers with additional storage space, and room for home office set-ups,” Tan said.
“This is where having flexibility in an off-plan build goes a long way in satisfying buyer requests.”
The builder-developer started construction on the Kogarah Grand apartments in July and expects completion in early 2022.
Modern Construction & Development has completed a number of residential projects in the Sydney metropolitan area in the past 20 years including Gordon, Killara, Pymble, and Arncliffe.
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