Spring Square by Poly apartments to take advantage of NSW stamp duty reforms
It's been a month since the Minns Government moved to change the stamp duty exemption criteria for first home buyers in New South Wales.
Concessions for stamp duty, one of the largest hurdles in buying property, has changed significantly to encourage more property seekers to get a foot on the ladder.
Previously, first home buyers under $650,000 would pay no stamp duty across the state. That cap has now risen to $800,000, while there will be staggered concessions for property up to $1 million.
According to the New South Wales government, a first home buyer purchasing an $800,000 property will save up to $31,090 under the new changes.
Read more: The best NSW off the plan apartments first home buyers can buy with $0 stamp duty
While the new changes will make it easier for first home buyers, there are still prevailing issues of availability and cost in and around the city.
The latest Home Value Index from property data analytics firm CoreLogic showed both houses and units, rose by 1.8 per cent in Sydney, with units, which incorporates apartments and townhouses, rose by 1.1 per cent across May, following 1.2 per cent gains in April.
Diversified property developers Poly Global have already seen first home buyer demand pick up since the changes at their Bankstown off the plan apartment development, Spring Square by Poly.
Both one and two-bedroom apartments fall under the $800,000 stamp duty cap at the Kitchener Parade precinct, while even first home buyers of the three-bedroom apartments, priced from $902,000, will see a percentage of their stamp duty covered.
Designed by Scott Carver, each of the residences feature floor-to-ceiling windows providing views over Spring Square's landscaped plaza below, with a through site link traversing the development, providing residents with access to both sides of the precinct.
With sustainability no longer an optional extra for residential design, Poly Australia also implanted a raft of measures at the Bankstown precinct to follow suit, including greywater recycling, central hot water system, solar panels, and air-conditioning with high energy efficiency ratio. The project is also BASIX rated for water efficiency.
