Update:
The sales launch of a new apartment development at Sutherland, which was to take place on August 5, has been postponed.
The developer’s publicist said the date was changed after information was given to the Leader, and it would now be held later in August.
Earlier:
First home buyers, armed with extra buying power, will have another option when a new development at Sutherland goes on sale on Saturday, August 5.
However, they are not the only buyer group being targeted by developer, Hyecorp Property Group.
One bedroom apartments in the “boutique” Sia project at 66 Glencoe Street are priced from $585,000 to $625,000.
Two-bedroom apartment prices range from $770,000 to $840,000, while three-bedroom penthouse apartments are priced from $1.1 million to $1.2 million.
The prices of many apartments are within the threshold for stamp duty cuts for first home buyers, which started on July 1.
Under the state government's housing affordability package, no stamp duty is payable by first home buyers of existing and new homes priced up to $650,000.
Discounts apply beyond $650,000 on a sliding scale up to $800,000.
Hyecorp says it expects to complete the development of 33 apartments over six storeys by June, 2019.
The company opened a display apartment on July 29 at level 1, 49-51 Eton Street, Sutherland.
Director of Sales and Acquisitions, George Benlian, said more than 30 people attended the display apartment launch.
“The majority of interested buyers have been owner-occupiers, with a mix of first-home buyers and downsizers,” he said.
“We’ve also had strong interest from investors, particularly from people who have bought at previous Hyecorp projects.”
Mr Benlian said prices were set before the state government announced its housing affordability package, and the company hoped the development would attract a diverse range of buyers.
“Historically, the Sutherland area tends to attract local buyers and we’re definitely hoping that’s the case with Sia,” he said.
“But, we’re also expecting that given the new legislation, there will be strong demand from first home buyers from other parts of Sydney, as well as investors who want to pay a lower price in a higher potential suburb.”
Mr Benlian said this was the group’s first project outside the lower north shore.
“Property hunters in Sutherland have proved to be quite savvy and great at doing their homework because we have had lots of comments about Hyecorp’s track record of delivering luxurious projects,” he said.
The company says the development will feature a rooftop area with district views back to the city, and every apartment will have either a balcony or private courtyard.
The display apartment is open from Thursday to Sunday each week from 10am to 2pm.
More information:siasutherland.com.au or call 8045 8677.
