Three units, all under $600,000, remain in Little Bay Cove development Solis: June 30 investor countdown

Charter Hall and TA Global’s Solis development in Little Bay Cove is 95% sold, with just three one-bedroom apartments still available.

Buyers who want to take advantage of the NSW government’s home builder bonus, which applies to new properties under $600,000 for both owner-occupiers and investors and exempts buyers from stamp duty, have until July 1 before the scheme expires. First-home buyers would probably be wise to wait until October to purchase if they are willing to risk missing out on the last few apartments, but upgraders and investors could miss out on a stamp duty savings of up to $22,490 if they don't purchase by July 1.

NG Farah agents Dennis Vertzayias and Peter Goulding are marketing the project.

There are three apartments under this threshold remaining in Solis, all one-bedders. Prices start from $499,000.

All 10 of the two-bedroom apartments, which start from $600,000, have sold, and 32 of the 35 one-bedroom apartments have also been snapped up.

Goulding says about 70% of the apartments sold to owner-occupiers, with the rest sold to investors.

The Sydney suburb of Little Bay Cove is next-door to the 85-hectare Prince Henry Hospital site. Listed property trust Charter Hall is developing the 13.6-hectare parcel of land in partnership with Malaysian developer TA Global. More than half will be open space, but the project was delayed because Randwick Council initially voted against the proposal.

“While Randwick Council is now supportive of the project, most councils don’t want to be seen to be supportive because it’s an increase in density,” Charter Hall joint managing director David Southon told the Australian Financial Review. “Now they can say to their constituents, ‘Don’t blame us. we didn’t approve it’.”

Construction on Solis is set to start next month and is expected to take about 18 months.