Sydney’s first homebuyer hotspot has emerged in the north-west suburb of Schofields.
Prices starting at $475,000, coupled with emerging housing developments, are affordable and attract young buyers across the West.
More than 50 per cent of buyers of developer ALAND’s latest release of Schofield Gardens residential community are first-time home buyers.
The $272 million complex, known as Jasmine, recorded $85 million in off-the-plan sales in its first week on the market.
ALAND sold 60 per cent of Jasmine’s 232 apartments, with 52 per cent to first home buyers, followed by investors.
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Each of the other six stages of the housing community (Bottlebrush, Wattle, Frangipani, Pandrea, Lotus, and Brenia) sold out before completion.
Schofield Gardens opened in 2020 and once complete, the landmark site will provide housing for approximately 4,600 residents.
First home buyer Matti Samar has secured his first home in Jasmine.
The 25-year-old project manager was thrilled to have secured a two-bedroom apartment for $605,000, considering recent interest rate increases.
“I wanted to get into the real estate market because prices keep going up,” Samar said.
“This two-bedroom apartment in Jasmine was affordable for me. My brother had previously purchased another ALAND apartment, so I could trust the quality.”
ALAND founder Andrew Hurst said the sale was a result of the development’s historic success and reflected the high demand for affordable new homes.
“Since we first launched Bottlebrush in 2020, we have sold and closed 1,000 apartments,” Furst said.
“We have long recognized the need to provide affordable housing to the market, especially when inventory is limited at the price points currently available.”
Jasmine includes one-, two-, and three-bedroom apartments in three four- to five-story buildings.
Prices start at $475,000 for one-bedroom apartments, $585,000 for two-bedroom apartments, and $735,000 for three-bedroom apartments.
Furst said this price point is attractive to first-time homebuyers, investors, couples, families and downsizers.
“Jasmine provides an opportunity for both owner-occupiers and investors to secure property in an area with significant potential,” he said.
Purchasers of this complex will have access to a communal courtyard with a play area, rooftop amenities, and expansive native bushland, while apartments feature generous ceiling heights, air conditioning, and floor-to-ceiling glass.
ALAND sales director Scott Radgley said Jasmine’s sales performance was surprising given recent NAB data showing Schofields was at the top of the list of first home buyer areas in New South Wales. He said that was not the case.
“Schofield Gardens has been one of the main drivers of the extraordinary surge in first home buyer activity in the suburb, as our flats are often eligible for government assistance. ” he said.
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“ALAND has helped transform Schofields into a dynamic new community and we are extremely proud of its achievements.”
Mr Radgley said demand to date had been driven by first home buyers looking for affordability, and investors were encouraged by the fact that Schofields properties continued to outperform the rest of New South Wales. said that he highly evaluated it.
“Since 2020, Schofield Gardens apartment values have increased, with an average annual growth rate of 6.3 per cent,” he said.
“As well as capital growth, median weekly rents have also increased by an impressive 38% over the past three years, while gross yields continue to hit a record 4.86%.”
Construction of Jasmine’s first phase will begin in late 2023, and the project is expected to be completed by early 2025.