Currently under construction, The Eden development in the south-western Sydney suburb Greenacre will feature 47 townhouses and units, with first home buyers set to go to the head of the purchasing queue.
The project’s display suites will open for inspection in September and for the first three weeks only first home buyers, who will have to provide documentation to prove their eligibility, will be able to inspect or make offers for the dwellings.
After that period sales will be opened to investors and other buyers.
While the developer has claimed the decision to offer exclusive access to first home buyers is a method to level the field between investors and first time buyers, a Sydney real estate professional doesn’t believe this type of ploy would be seen outside of the current state of the Sydney market.
“I believe there is no way a rational developer would take this approach if were in a soft market,” Property Buyer managing director Rich Harvey said.
“But it’s a great idea to create point of difference for marketing and appear to be levelling the playing field for first home buyers,” Harvey said.
Units in the project, which will feature one, two or three bedrooms, are set to be priced below $650,000, while the townhouses will start at $789,000, but Harvey believes any nobility on behalf of the developer in helping first home buyers isn’t going to affect their bottom line.
“The developer knows they are going to sell out in this market anyway, so securing a sale to a motivated market segment is a clever idea,” he said.
“The developer would have priced the properties to maximise return in any case.”
Pictures via CPM Realty.
