Time running out for stamp duty-free purchases at Sydney’s Central Park
Buyers seeking $22,490 NSW stamp duty savings need to monitor construction progress at their desired new residential complex.
Savvy property buyers will know that under the NSW government’s home builders’ bonus you pay no stamp duty on properties priced under $600,000 that are not yet under construction.
Construction is deemed as having started once the building gets to the first residential floor.
The whole government scheme runs until June 30, but there are critical deadlines at major apartment projects falling between now and then.
The deadline is fast approaching for Park Lane (pictured above), designed by Johnson Pilton Walker at the Central Park project near Broadway in Sydney.
It comprises two buildings linked by a leafy laneway.
Buyers must take advantage of full stamp duty concessions in Park Lane’s low-rise park-front building by March 13.
There’s a little longer –March 22 – for Park Lane’s 18-storey tower building.
The full 100% stamp duty concession remains in effect only until concrete is poured to create the first residential slab at a new development; after this time, the saving on stamp duty reduces to a 25% saving for properties up to the $600,000 mark.
“There’s apartments priced under $600,000 to choose from at Park Lane, including one-bedroom suites of 42 square metres priced from $585,000 with a stamp duty saving of $21,815, to one-bedroom apartments of 52 square metres priced from $590,000 with a stamp duty saving of $22,040,” Frasers Property Australia group sales manager Adam Sparkes says.
Park Lane has 393 apartments and SOHO terraces with completion expected between April and December 2013.
Central Park is being developed in joint venture between Frasers Property Australia Pty Ltd (Frasers) and Sekisui House Australia Holdings Pty Limited (Sekisui House).
Two display apartments at Park Lane are open at the Central Park Display Pavilion, 80 Broadway Chippendale.
