Developer Poly saves cheaper apartments for first home buyers at its Epping project

Developer Poly saves cheaper apartments for first home buyers at its Epping project
Developer Poly saves cheaper apartments for first home buyers at its Epping project

Sydney-based developer Poly Australia is taking cheaper apartments under $800,000 off the market to offer them to first-home buyers as it expects a rush of foreign investors to snap up apartments before July 1 tax increases.

The developer has earmarked 23 cheaper apartments at its project in Poly Horizon in Sydney’s Epping for first-home buyers when they are re-released in July, according to The Australian Financial Review.

The NSW government recently decided to scrap stamp duty for properties up to $650,000 in a move to improve housing affordability.

The policy, which will apply to new and existing homes, will start from July 1. Homes up to $800,000 will also see a discounted stamp duty.

At the same time, foreign investors are facing the heat with the state government deciding to double its stamp duty surcharge to 8 percent and increase the annual land tax surcharge on foreign home owners to 2 percent from the existing 0.75 percent.

The new rules could, however, see foreign buyers rushing to buy apartments before the policies take effect, Poly said.

"We believe we will see a rush of foreign buyers securing property in the Sydney market in the next month as a result of the increase in stamp duty fees," Poly Australia sales and marketing director Jay Carter was quoted as saying by the AFR.

"Our objective is to ensure that first home buyers don't miss out because of this influx. We want to give first home buyers every opportunity to take advantage of the new stamp duty discounts."

Poly Horizon will be the largest development in Epping, consisting of 501 apartments across three towers with prices starting from $437,000 for an executive apartment.  

It recorded the sale of more than 80 percent apartments in its first release last year.

Stockland also supported the government's moves to improve affordability.

"Housing affordability is a critical issue in Sydney and Stockland welcomes the NSW government's comprehensive plan to address this challenge by unlocking supply, increasing stamp duty concessions for first homebuyers, and investing in vital local infrastructure," Stockland residential chief executive Andrew Whitson said.

Stockland launched its own affordability initiative in April, prioritising 50 percent of land releases and townhomes to first home buyers at its three major masterplanned communities in Sydney.

Tags: 
First Home Buyers Sydney

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