How Piety Group are attracting first home buyers and investors to ONE The Waterfront apartments in Wentworth Point

Despite generous government incentives in place for first home buyers, and investors seeing record rental yields due to the current rental market boom, both demographics are contracting when it comes to new lending.

First home buyer numbers dwindled again in November, to be over 30 per cent down since November 2021 and 50 per cent down from the January 2021 peak, according to stats from the Australia Bureau of Statistics.

Investor loans written declined 3.8 per cent in November to be 23 per cent down since November 2021.

Some developers are putting their strongest foot forward to differentiate themselves from other developers and projects, offering their own incentives to prospective buyers.

Traditionally, given investors and first home buyers are traditionally very different buyers, developers tend to offer two different incentives which cater for each of their needs.

Developer Piety Group are offering free strata levies at their recently completed Wentworth Point apartment precinct, ONE The Waterfront.

The two years of no strata levies equates to around $11,000 in savings. They're also offering for a limited time purchasers to exchange with just a five per cent deposit, as opposed to the traditional 10 per cent.

The one-bedroom apartments in ONE The Waterfront are priced from $599,000, meaning buyers will only have to face an upfront cost of $30,000. The apartments, despite complete, still fall under the first home owners grant threshold

First home buyers also now can pay no stamp duty on apartments under $1.5 million, as part of the NSW Government's new First Home Buyer Choice scheme.

Sam Elbanna from project marketer Laver Residential Projects, who are selling ONE The Waterfront, says the project is one of the most affordable within 15 kilometres of the city.

"There is simply no way this development can be replicated and sold at these prices again in such close proximity to the Sydney and Parramatta CBD’s," Elbanna added.

"The apartments are well thought out, finished superbly and located in a genuine resort style development with swimming pools, a fee free commercial gym, tennis courts and outdoor rooftop cinemas," Elbanna said.

There is also CLUB ONE, a community centre that includes  another private cinema.

The new scheme is part of a conscious effort from Piety Group and Laver Residential Projects to offer their buyers the best value for money compared to their competitors.

Toward the back end of 2022, Piety and Laver Residential Projects recognised that buyers were concerned about increases in interest rates, consequently offering an industry first freeze on interest rates hikes so buyers, both owner-occupiers and investors, could freeze their rate when they purchased. The offer covered the cost of future interest rate rises of up to one per cent over two years to help reduce the mortgage costs for buyers should the Reserve Bank of Australia continue to lift the cash rate. 

The incentives have seen buyer demand surge right through Christmas and into 2023, with a number of the one-bedroom apartments picked up by both demographics, and some quickly rented by investors.

A 2017 buyer of a one-bedroom apartment recently secured nearly $600 a week, representing a rental yield of over five per cent, considerably higher than the average rental yield of 3.4 per cent in and around Sydney. The apartment was snapped up after just one day.

The Amalfi Drive development, is conveniently located for commuters near the Sydney Olympic Ferry Terminal and has easy access to the Western Motorway, It was designed by Stanisich Architects who say ONE The Waterfront is crafted, contemporary and connected - three key ideas that underpin the aesthetic for the development.

The project sits on the doorstep of Bay Park's 5,000 sqm of parklands, which feature a children's playground, fitness station, and further barbecue facilities.

“Buyers are yet to grasp the likely value increases that are coming due to a number of factors,” Elbanna said.

“The new light rail station is opening up directly in front of the development providing  fantastic and convenient public transport, whilst the new surf park will provide further entertainment for residents.”