Why first home buyers are snapping up apartments in Cornus Carnegie

The Melbourne-based builder developer Cornus has seen solid buyer demand in its Carnegie apartment development, Cornus Carnegie.

Around 20 per cent have sold since the launch, with the majority of the 61 two and three bedroom apartments snapped up by first home buyers who took advantage of government incentives earlier in the year.

Most of the apartments that have sold have been close to the $600,000 mark, which qualified for the first home buyer grant.

Cornus were expecting a surge in first home buyers, and don't expect the appetite from first home buyers to cool off despite the government grants expiring at the end of June.

As house prices across Melbourne continue to rise, Cornus are receiving interest from buyers who have been priced out of the housing market and are keen on the fixed price for off the plan apartments.

The surge in the housing market however has seen the emergence of the downsizer, who are selling their larger homes at premium prices and looking to downsize to larger apartments.

Cornus told Urban that a lot of first home buyers had been drawn to Cornus Carnegie due to the location of the development.

"It's a really popular area and doesn't really have many properties for sale," Cornus said.

"The coveted suburb has great amenities and is great for young people, with good restaurants, bars and cafes."

Two bedroom apartments in Cornus Carnegie start from $575,000, with the three bedroom apartments priced from $849,000. Completion is slated for the end of 2022.

Cornus has also recently launched Cornus Oakleigh, in the neighbouring suburb.

The development of 69 apartments and 10 townhouses has prices starting from $449,000 for one bedroom apartments, $549,000 for two beds and $789,000 for three bedroom apartments.

The three bedroom, two bathroom townhouses start at $1.15 million.