Spurred by government grants and falling interest rates, first home buyers are returning to Adelaide’s apartment market in droves, with Mawson Lakes’ enquiry levels more than doubling in March compared to the previous year.
With apartments priced from $269,900, first home buyers have been out in force at Mawson Lakes eager to buy into the property market on the back of the Federal Government’s First Home Owners grant increase, which expires on 30 June 2009.
The grant was increased from $7,000 to $21,000 for first home buyers who purchase or build a newly constructed home up until June 2009.
Mawson Lakes Project Director Vince Rigter said the grant had stimulated interest from first home buyers who were keen to take advantage of Mawson Lakes’ affordable inner-city living and café lifestyle.
“First home buyers are coming to Mawson Lakes, because they’re demanding value-for-money, a good long-term investment and local community infrastructure such as parks, schools and nearby jobs, which is our point-of-difference,” he said.
“Mawson Lakes has really evolved into Adelaide’s second CBD. With a vibrant town centre, Mawson Lakes is really an attractive place for young people and first home buyers eager to get into the property market without forgoing the inner-city lifestyle.
“We have seen homebuyer enquiry levels at Mawson Lakes jump by 170% during March compared to last year. In fact, almost 90% of people who purchased apartments last month at Mawson Lakes were first home buyers.
“Mawson Lakes has always prided itself on its ability to offer homes and apartments to suit all homebuyers, including first home buyers. Our Studio 51 home, which is targeted at first home buyers, won an Urban Development Institute of Australia national award for housing affordability last year.”
Mawson Lakes’ apartments are priced from $269,900 off-the-plan and $295,000 to $395,000 for established apartments. Apartment tours are held by appointment to showcase the community’s established apartment offering, and are available by calling 08 8260 333.
Mr Rigter said that tax advantages and flexible repayment plans were two of the major benefits of buying property as opposed to renting in Adelaide’s tight rental market.
“Flexible repayment plans allow buyers to tailor their mortgage repayments to suit their own pay cycles and, when buying, any capital gain made on the family home is always tax-free,” he said.
“Owning your home can also provide a deeper sense of commitment to your local community - as opposed to renting, which comes with the assumption of temporary living.
“And with record low interest rates and an attractive first home owner’s grant, now is a great time for first home buyers to get into the property market.”
Mawson Lakes is being developed by Delfin Lend Lease and Land Management Corporation, and will eventually house approximately 10,000 people in 4,000 homes with 7,500 workers and 7,000 students. Delfin Lend Lease is Australia’s leading developer of masterplanned communities with 25 projects in Queensland, New South Wales, Victoria, South Australia, and the Northern Territory.
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