Breakfast Point buyers cash in on NSW builders' bonus before it expires July 1

Eight apartments in The Rose Group’s $2 billion Breakfast Point development in Cabarita sold over the weekend, with buyers cashing in on NSW stamp duty concessions before they end in less than a month. Four of the sales were to first-home buyers.

All eight properties bought were one-bedroom-plus-study apartments and sold below the $600,000 threshold for accessing the NSW home builders’ bonus, which ends on June 30.

A spokesperson for The Rose Group told Property Observer three first-home buyers had purchased in the recently released Sirius building (below) and one in the previously  released Scarborough building (second photo).

The NSW home builders’ bonus provides full exemption on stamp duty for new homes where the value does not exceed $600,000 and also applies to vacant land up to $400,000.

The scheme is available to everyone, including investors, who purchase a new house or apartment. For homes already under construction, a partial stamp duty reduction of 25% is available up until June 30.

According to Bob Rose, group chief executive of the Rose Group, about 170 buyers in Breakfast Point have claimed the stamp duty concession to date. He says many of these are first-home buyers.

Rose told The Australian Financial Review he was not worried about the ending of the stamp duty rebate impacting on sales in the masterplanned development.

Upon completion in 2016, the 52-hectare waterfront development will accommodate 1,865 homes and house up to 5,000 people.

In May last year, the $2 billion project reached the $1 billion sales milestone, with more than 1,300 homes and apartments sold over the past 11 years by its joint developers Rose Group and Cbus Property.