June 30 buyers took advantage of stamp duty concessions, boosting NSW off-the-plan sales for Crown V

Off-the-plan buyers have rushed to exchange contracts at Crown’s V apartment tower in Parramatta over the weekend and take advantage of up to $22,490 in stamp duty concessions.

The home builders’ bonus, which offered full stamp duty concessions for buyers of property up to $600,000, ended on June 30. From July 1, non-first-home buyers and investors received a $5,000 grant for buying off the plan up to $650,000.

Haig Conolly says 21 apartments were sold over the weekend in the $300 million V project, which will be the tallest residential tower in Parramatta when completed in 2014.

Crown had lawyers on site on Saturday so that buyers could exchange contracts before the expiry of the full stamp duty concession.

Conolly says it ended up being a late night.

CBRE managing director David Milton predicted 50 off-the-plan sales over its various projects ahead of the weekend and told Property Observer it managed just under that figure.

Milton says there have been about 360 sales during the month of June, making it the strongest June on record. Not all were under the $600,000 threshold, indicating off-the-plan demand should remain strong.

Milton says the two strongest-selling projects were the Harbour Mill project (pictured above and below) in Pyrmont and the last stage of at Macquarie Central Apartments in Macquarie Park.

Brand-new apartments in Harbour Mill, which incorporates Pyrmont's historic Edwin Davey & Sons Flour Mill, start from $475,000 with a car space. The project has been designed by Grimshaw Architects.

Milton says 130 out of the 141 apartments released in the last stage of Macquarie Central have been sold, with prices starting from the mid $500,000s for a one bedder plus study to $650,000 to $700,000 for two-bedroom apartments.

V (pictured above and below) will feature 466 luxury apartments, a resort-style hotel with pool, gym and conference facilities, as well as office and retail space and is due for completion in 2014.

The project features 50 studios (from 40 square metres) priced from $350,000; 70 one-bed-plus-study apartments (from 50 square metres) from $399,000; 260 two-bedroom apartments, which include two studies, (from 80 square metres) from $500,000; and 50 three-bedroom units (from 100 square metres) from $600,000.

The $300 million “vertical village” was officially launched on June 18 with a display suite opening.

The doubling of the first-home owners’ grant to $15,000 for new home purchases kicks in on October 1, with the current $7,000 bonus ending for those buying established dwellings.