First home buyers drive strong sale numbers at $250m Gosford masterplan, Rumbalara Residences
With the NSW Government raising the threshold for first home buyer stamp duty exemptions, both buyers and developers are reaping the rewards.
First home buyers now pay no stamp duty on properties up to $800,000, considerably higher than the previous $650,000 cap, bringing in a new wave of buyers for developers, who have been dealt a difficult hand in recent times with rising interest rates and inflation keeping buyers out of the market.
Australian private investment group Alceon has benefitted from the stamp duty changes, experiencing a surge of interest from young buyers at their $250 million Gosford apartment development, Rumbalara Residences.
Just six weeks after the change in stamp duty, the masterplanned community has seen more than seven times the enquiries, specifically from first home buyers, resulting in $20 million worth of stock being sold.
Rumbalara’s Development Director Todd Campling said they’ve seen a rush of inquiries on their two-bedroom apartments which are priced from $780,000.
Construction commenced at the six star luxury development in September last year with iCIRT-rated builders Deicorp.
Offering stretching views over Brisbane Waters, Rumbalara is situated on the highest point of Gosford. With 188 apartments set to be spread across four buildings, the Marchese-designed residences offer a variety of one, two and three-bedroom floorplans, ranging in size from 27 sqm through to 62 sqm.
Buyers have the option to select between treehouses or townhouses, with inclusions such as fireplaces and Sub-Zero Wolf appliances.
The initial launch period of Rumbalara saw more than 1200 enquires in just a few weeks, with Sydney buyers looking for their own slice of paradise, at an affordable cost.
With stage one being such a resounding success, the developers brought upon stage two earlier than expected to meet the growing demand.
It's not just the price point bringing in buyers. The extensive suite of amenity is another driving force behind the strong sale numbers.
“There’s not many other opportunities where you can secure a home starting at $580,000 with access to such an enormous amount of world class amenities,” Campling previously said.
More than 4,000 sqm of manicured resort-like grounds will surround the residences, with a figure eight pool taking pride of place. A 1,000 sqm Club House will home many of the exclusive amenities, including an on-site concierge, private cinema, dining room, gym, day spa, work from home hot desk space and virtual golf simulator.
Stage one of the Gosford development, which includes the Club House and pool, is slated for 2024.
