Sydney Morning Herald – Montrose

Sydney Morning Herald \ 1 October 2012

Long weekend doesn’t deter off-the-plan buyers

“MANY first home buyers defied the pundits and went out looking for new or off-the-plan apartments at the weekend in readiness for the $15,000 government grant that starts today.

This new grant is expected to encourage more first home buyers to switch their attention to off-the-plan homes, and to boost the construction industry…”

“First home buyers of new property will also be eligible for stamp duty exemptions that will take to $35,000 their total savings on a new house or apartment valued up to $550,000. Discounts on stamp duty apply on properties between $550,000 and $650,000. There are no longer any government incentives to buy existing properties.”

“At the Montrose development in North Sydney, about a third of 28 buyers on Saturday were first timers, Mr Field said. About the same percentage had bought apartments at another of Colliers’ projects, Carlton Estate in Summer Hill.”

Exerpt from article by Antony Lawes