THE federal government’s HomeBuilder grant and the NSW first home owner scheme have propelled western Sydney-based developer ALAND to its biggest sales year ever, recording $560 million in sales across 1,000 exchanges.
Of those sale and more than 350 settlements for the period, 52% were made by first home buyers. Investors accounted for 36% while 12% were made by owner occupiers who were not making their first purchase.
“The western Sydney property market is showing no signs of slowing down as we head into the new financial year, and we’ve already moved past 500 exchanges for the calendar year, with six months still to go.” said ALAND sales director Mark Bernberg.
He said the bumper result was helped by HomeBuilder grant, coupled with the state’s home owner scheme, which fuelled demand against a backdrop of surging Sydney property prices.
HomeBuilder provided eligible owner-occupiers, including first home buyers, with a grant worth up to $25,000 for newly built properties over its first iteration, before continuing into the new year in a skinnier format. It has been credited with playing a cornerstone role in the market’s stunning run since the outbreak of the pandemic.
New home sales over the June quarter jumped 15.3%, according to HIA, and the number of sales in June was 11.2% higher than the same period in 2019.
ALAND brought forward the release of 177 off-the-plan apartments in Breynia, stage six of its Schofield Gardens development during the year, as demand for apartments in the area skyrocketed. They were originally scheduled to go on sale in early 2022.
“Heightened demand for spacious, well-built apartments throughout greater western Sydney reflects renewed buyer interest, as young aspirational families look to realise the Australian dream of owning their own homes, and as investors increasingly look to promising growth corridors with potential for robust yields,” Bernberg said.
ALAND’s current Sydney developments also include The Hoxton in Liverpool, Paramount on Parkes in Parramatta and Costello, Edmondson Park.