Strata levies waived as riverside luxury beckons for first homebuyers
Ideally located between the city and Parramatta, these ready-to-live-in apartments are an attractive option to get a foot on the property ladder
2 min
First homebuyers can kiss strata levies goodbye for the first two years under a unique offering at One The Waterfront, a boutique luxury development at Wentworth Point. Developer Piety Group and agents Laver Residential Projects are offering all buyers free strata levies for the first two years of ownership, valued at about $11,000 in savings.
As interest rates continuing to rise and trades still in high demand, it’s good news for those looking to enter the market.
Project director at Laver Residential Projects, Sam Elbanna, said the incentive, available via Kanebridge Finance, is to provide buyers with clarity and free up funds to protect their investment.
“Now buyers know they are covered and they can use the next two years to plough the money that would have gone to strata levies into their mortgages,” he said.
Overlooking Parramatta River, One The Waterfront offers one, two and three-bedroom apartments among leafy, thoughtfully designed landscaped gardens. The residences have been designed by Stanisic Architects with careful attention to light, ventilation and connection to the outdoors to create a true community environment.
With access to more than 5000sqm of green space, One The Waterfront offers amenities including walking tracks, barbecue facilities, exercise stations and children’s playgrounds.
This is in addition to a fee free commercial gym, swimming pools, tennis courts and an outdoor rooftop cinema. But perhaps the most outstanding feature in this resort-style locale is Club One Lounge, an exclusive, discreet space with communal dining room and lounge, 20-person cinema and games room.
In addition to the Parramatta Ferry, public transport options include rail stations at Rhodes and Olympic Park to the city, as well as the planned Light Rail stop directly in front of the development linking locals to Parramatta.
It’s a lot to offer on a site less than 15km from the city centre, Mr Elbanna said.
“One of my buyers was a developer of another project who is buying for his daughter,” Mr Elbanna said. “He said that there is simply no way this development can be replicated and sold at these prices again in such close proximity to the Sydney and Parramatta CBDs.”
One The Waterfront is now on sale. Email property@kanebridge.com.au to learn more about living in this community and claim free strata levies for two years, valued around $11,000 in savings.
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New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
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