Why first home buyers are snapping up apartments in Caydon’s Due North, Preston development

Caydon, founded by Joe Russo back in 1999, has hit the market running with its Preston apartments, Due North, with over 70 per cent sold. 

Climbing 12 levels with 107 apartments, a rooftop space, a coworking area in the lobby and three retail spaces, Due North is set to be a unique addition to High St, Preston.

Each level will contain a maximum of 12 apartments, designed with the owner-occupier in mind.

Local singles and couples in the hunt for their first home have taken up a crop of the apartments in Due North, with the nearby High Street, which is scattered with bars and restaurants, providing a swathe of highly desired amenity.

With the area experiencing a spat of gentrification, many buyers are seeking two-bedroom apartments, with the increasing flexibility of working-from-home and the need for an office space.

Only a five per cent deposit is required to secure a new home in Due North, with two-bedders starting from $593,000, meaning only a $29,650 deposit needed.

Construction is now underway on the Preston apartments, which are expected to be completed in the first half of 2023, giving buyers even more time to save the remainder of the funds for the property.

Owner occupiers can save on stamp duty for a limited time also, with buyers paying less than $6,000 stamp duty on two-bedroom apartments.

With over 20 years' experience, Caydon has delivered over 4000 projects across Melbourne, including Windsor & Co in Preston, as well as the Ivanhoe, Ettaro in Brunswick East and Only in Flemington.

The group currently have Rise, a two and three-bedroom apartment development in Moonee Ponds for sale, along with Home by Caydon in Alphington. 

Home offers two and three-bedroom apartments, with buyers again only requiring a five per cent deposit and move-in slated for spring this year.