5 October, 2011

First home buyers muscle in on southern Sydney unit market in the wake of stamp duty cuts

First time home buyers are flexing their muscles in Sydney’s southern suburbs, according to Raine & Horne Rockdale principal, George Kambouroglou, following the axing of stamp duty concessions on existing homes in 2012.

In NSW, first home buyers currently receive a stamp duty exemption for property purchases under $500,000, with discounts calculated on a sliding scale between $500,000 and $600,000. But from January 1, 2012, the stamp duty concessions will apply to new homes only.

According to Mr Kambouroglou, first home buyer enquiries are up 20% since the state government announced the end of stamp duty concessions in early September.

“We’ve already sold six apartments to first home buyers including a two bedroom apartment at 13/33 Burrows Street, Arncliffe, which sold for $470,000 in late September 2011,” said Mr Kambouroglou, who added that Raine & Horne Rockdale also sold a comparable apartment in the same block for $450,000 in April 2011.

“Both apartments were in similar condition and 13/33 Burrows Street was snapped up by literally the first person to visit it at the initial open for inspection.

“Anecdotally it appears many first timers are now rushing to buy a home, before they lose access to thousands of dollars in government assistance at the end of 2011,” Mr Kambouroglou said

He said two bedroom units near Rockdale and Arncliffe train stations were proving most popular with first time buyers.

“In addition, the area around the Princes Highway has been re-zoned for unit developments, so there will be more units in the Rockdale market soon enough.”

However, Mr Kambouroglou, who was recognised as one of Raine & Horne’s top 10 salespeople at the leading property group’s National Awards in Noosa recently, also expected to see growing demand for Rockdale houses over the next 12 months.

“Rockdale homes are very affordable with three bedroom, two bathroom brick houses currently selling for between $600,000 to $800,000, and I expect this demand to improve in 2012.”

Apart from affordability, which was a major draw card for young families, Rockdale was also friendly to commuters.

“Rockdale is only 15 minutes to the city by train or car, and when you combine this with the affordability and variety of properties available here, it is a very attractive option for home buyers,” Mr Kambouroglou said.

For all your property needs, contact Raine & Horne Rockdale on (02) 9599 9799.

Raine & Horne is an iconic Australian property company, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

George Kambouroglou, Principal Raine & Horne Rockdale on (02) 9599 9799 / 0422 421 111

Anna Truman, National Marketing & Communications Co-ordinator on 02 9258 5448