Zetland development Link launches, with June 30 NSW property investor deadline days away
There are only three days left for NSW property investors or non-first-home buyers to take advantage of the NSW government’s stamp duty exemption for new homes, and developer Tripod Property Group has rushed its new Zetland development Link to market, hoping to generate a few sales before the June 30 deadline.
The south-Sydney Turner + Associates-designed development launched over the weekend. Three contracts were exchanged over the weekend, and marketing agency Colliers says there was a lot of interest.
The development is planned to include 31 one-bedroom apartments (18 with studies) with an average size of between 61 and 65 square metres, which will start from $490,000. The five two-bedroom apartments, with an average size of 90 square metres, start from $681,000, and the 36 two-bedroom apartments with studies start from $686,000 and average about 95 square metres.
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 their first choice of 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.
The 11,366-square-metre site will comprise 72 apartments across two buildings and will include 2,000 square metres of landscape gardens.
“This will be planted on top of a colonnade of shops, retail services and dining options,” says Dan Szwaj from Turner + Associates.
The buildings are designed with splayed walls, articulated blades and vertical fins to create a sense of movement. Bold colours are used throughout internal and external spaces.
Every apartment comes with a car space, and strata fees are expected to be low, around $800 for one-bedrooms and $1,000 for two-bedrooms per quarter.
The median unit price in Zetland, less than five kilometres from Sydney CBD, is $561,000, according to RP Data, and the median price fell 3.3% last year.
“Over the past decade Zetland has becoming increasingly popular as a residential address, particularly for young highly skilled knowledge workers who are attracted by the cafe lifestyle of Danks Street,” said Ian Bennett of Colliers International.
“Fortunately Link is located outside the high-density Green Square urban renewal zone, so residents will be able to take advantage of all the facilities at Green Square yet still enjoy space, privacy and peace.”