First homebuyers eager to take advantage of housing affordability initiative The Right Start snapped up the first 54 apartments at the launch of Sydney Olympic Park gateway development, Pavilions, on Saturday (25 March).
The sales launch saw 60 apartments priced below $750,000 reserved for priority purchase by pre-qualified first home buyers.
The Right Start initiative allowed buyers to exchange on a five per cent deposit and enter into an agreement to pay the remaining five per cent deposit in two annual instalments.
It was designed by Mirvac to address the two greatest obstacles for first home buyers – the high deposit hurdle and competition from other buyers – and applies to apartments priced to qualify for the First Homes Owners Grant and/or stamp duty concession.
Mirvac General Manager of NSW Residential Toby Long said there had been an extraordinary response to its housing affordability initiative.
“We know this is not the total answer to Sydney’s housing affordability challenge but 54 first time buyers are today on their way to owning a home and enjoying all the benefits that come with it,” he said.
Mirvac General Manager of Design, Marketing and Sales Diana Sarcasmo said the first home buyer initiative had given hope to many buyers struggling to gain a foothold in the Sydney market.
“The Right Start has illustrated that helping them to overcome the hurdles made a real difference.
“We will continue to look at other opportunities to assist first home buyers to get into the market,” she said.
At the close of VIP sales on Saturday, which commenced after first home buyer appointments, Mirvac secured 75 per cent of the apartments offered in the first stage release.
Standing at the gateway to Sydney Olympic Park, Pavilions is proposed to consist of four buildings offering a diversity of apartments, sky terraces, sky homes and terrace homes. Only the first building was released on Saturday with prices starting from $575,000.
In addition to the 430 hectares of parkland and world-class sporting and leisure facilities on the doorstep, residents will enjoy use of Pavilions’ community room overlooking Linear Park, a gymnasium and a series of landscaped spaces designed for social gatherings, quiet retreat and relaxation as well as more active pursuits.
Pavilions is the first residential project to launch under Sydney Olympic Park’s revised draft master plan which provides for more housing, retail and parks to accommodate a projected increase of 18,000 new residents by 2031.