Special deals for home buyers including a year off your mortgage, $50,000 ‘bonuses’ and even furniture vouchers on offer to combat the growing number of ‘ghost’ apartments
- Developers are offering attractive deals on apartments to lure customers
- Offers include 12 months of a buyer’s mortgage, $50,000 bonuses and vouchers
- Experts say developers will do anything to avoid a price drop and clear stock
- They asked buyers to be careful as they will be paying for it in some form
- More than 50,000 newly built apartments will hit the market later this year
Real estate developers are offering attractive deals as they struggle to sell ‘ghost-tower’ apartments.
Their offers include paying for 12 months of a buyer’s mortgage, stamp duty, furniture vouchers and $50,000 ‘bonuses’.
Developers want to stop apartments from sitting empty in Sydney as the housing market continues to slide.
Arden Group has offered to pay stamp duty for buyers of its Elora The Hills development (pictured) in Baulkham Hills
St Trinity Property Group is offering to pay 12 months mortgage on its ‘luxury apartments’ (pictured) in Wolli Creek and Blakehurst
Sydney’s real estate developers are offering attractive deals on apartments to avoid a price drop and sell their properties
Developers are already feeling the pinch due to oversupply, price drop and restrictions on foreign buyers.
Another 54,000 apartments, constructed between 2018 and 2019, are expected to hit the market later this year, forcing developers to find innovative ways to market their products.
St Trinity Property Group is offering to pay 12 months of the mortgage on its ‘luxury apartments’ in Wolli Creek and Blakehurst.
Arden Group has offered to pay stamp duty for buyers of its Elora The Hills development in Baulkham Hills.
Tailor’s Walk is offering a $50,000 ‘bonus’ on its recently completed property in Botany.
Similarly, Belle Property International has advertised a $15,000 Freedom Furniture voucher for its Grandfield apartments.
SQM Research chief executive and property analyst Louis Christopher said developers are doing everything to avoid a price reduction.
‘They’ll offer the free car or holiday — anything to avoid reducing the asking price,’ he told the ABC.
‘But buyers should be aware, that they are still paying for it in some form, and it generally comes in form of over-valuation.’
Belle Property International has advertised a $15,000 Freedom Furniture voucher for its Grandfield apartments (pictured)
Buyers have become wary of investing in apartments following a report into cracking at Sydney’s Olympic Park in December. Residents were shifted after the building moved ‘1 millimetre to 2 millimeters’.
Last week residents of a high-rise building in Mascot, in Sydney’s inner-south, were evacuated after it developed cracks in its beams.
A house within 30km of Sydney’s city centre still costs more than 10 times an average full-time salary of $83,500 – with mortgage repayments often consuming 40 per cent of a working couple’s take-home pay.
Experts believe the prices will begin to go up from early next year in the wake of an interest rate cut and an ease in lending restrictions.