$0 stamp duty incentive drawing first home buyers to Ruby Apartments in Sydney Olympic Park
Housing affordability is always the hottest topic of conversation in the Sydney real estate market.
Recent research highlights the increasing difficulty for first home buyers to enter the Sydney property market, with projections indicating that housing will remain unaffordable until at least the 2030s.
The study by Dr Mustapha Bangura from the University of Technology Sydney (UTS) and UNSW Sydney Professor Chyi Lin Lee found that neither median part-time nor full-time incomes are sufficient to purchase property anywhere in Greater Sydney without additional financial support.
Developer Australia YMCI (AYMCI) is offering affordable apartments, under the threshold for full stamp duty concessions, at its Sydney Olympic Park development, Ruby Apartments.
A handful of the final apartments left in the completed development are under $800,000, which means first home buyers pay no stamp duty through the NSW Government First Home Buyers Assistance Scheme.
“We are committed to providing affordable apartments and projects designed to integrate convenience and luxury, offering residents unparalleled access to transportation options and community amenities,” said Australia YMCI Director Jason Tan.
"We understand the challenges many first-home buyers face in today’s market. Our goal is to provide affordable and quality housing options that do not compromise on luxury or convenience."
The two-bedroom apartments under $800,000 each have two bathrooms, one an ensuite with a deep bath tub, an integrated study nook that can comfortably fit a sofa bed, and a parking space.
Located near Accor Stadium and Qudos Bank Arena, Ruby Apartments also benefit from proximity to a vibrant hospitality strip and future developments around Olympic Station, which is set for a $585 million investment.
Read more: New NSW Gov stimulus draws buyers to Sapphire Apartments in Sydney Olympic Park
Sydney Olympic Park features numerous parks and green spaces, creating a diverse and expansive environment for recreation and leisure. Notable parks within the area include Bicentennial Park, Blaxland Riverside Park, Wentworth Common, and the Badu Mangroves.
The broader Sydney Olympic Park area contains various smaller parks, wetlands, and conservation zones, all contributing to its rich biodiversity and outdoor activities.
The future is also bright for Sydney Olympic Park. The NSW Government has put together a 2030 Master Plan that will revitalize the area with a new town centre, educational facilities, shopping precinct, new homes, more jobs, increased open space, increased community facilities and facilitation of a new Metro station.
There are also plans being drawn up for Master Plan 2050, given the population of Sydney Olympic Park is expected to jump from 3,700 to nearly 30,000.
