Two years after the launch of Mirvac’s The Right Start at its Sydney Olympic Park development; Pavilions, first home buyers who signed up for a step-up onto the property market returned to celebrate.
Touring the construction site recently were 20 first home buyers who were able to break into Sydney’s challenging housing market by paying their deposit in instalments through The Right Start.
Having successfully made their two instalments, taking their deposit to 10 per cent, Mirvac offered The Right Start alumni an exclusive sneak peek inside the Pavilions construction site where Verde has now topped out at the 12th floor and Scarlet, the tallest of the four buildings at 35 floors, will top out close to Christmas. Completion of Pavilions is expected in 2020.
Mirvac General Manager of Residential Development NSW, Toby Long said the tour had been organised as a way to congratulate the buyers and keep them focused on their goal.
“It’s a long hard stretch saving the deposit for a first home and what these Right Start buyers have achieved is worth celebrating,” said Mr Long. “We are delighted to have been able to help them break into the market and they have risen to the challenge by making their instalment payments.”
Right Start buyer Andrew Vassarotti said putting down the deposit on his Pavilions apartment has motivated him and his wife to “go into overdrive”, making sure they are able to meet lending requirements and avoid paying Lenders Mortgage Insurance.
“It’s not easy to save, especially when you’re paying rent but we have now put aside a 20 per cent deposit and I think we can achieve 30 per cent,” he said.
“I’ve been working seven days a week and we’ve put holidays and going out on hold to make this happen. But that’s the reality of Sydney.”
Construction of close to 700 apartments is a massive task, with 600 workers on site at its peak and 65 Mirvac Construction personnel overseeing every aspect of the job.
So far it has involved:
- Excavating 244,000 tonnes of soil and rock from the basement
- Pouring 29,000 cubic metres of concrete with another 14,000 to go
- Installing 3,755 tonnes of Steel Reo with 1,600 tonnes still to lay
By the end of the build Mirvac will have:
- Laid 175,000 bricks, and
- 17,200 sqm of floor tiling and 9,100 sqm of balcony pavers
- Fitted over 50,000 sqm of carpet
- And painted over 220,000 sqm of walls and ceilings inside and out.
A new sales office will be opening on-site in early June. If you would like to book an appointment or find out more about Pavilions by Mirvac at Sydney Olympic Park, please visit: https://pavilions.mirvac.com/ or call 02 9080 8888.