Numerous home buyers are lured by life in Sydney with a fantasy home in mind. Who can blame them, it is quite the hotspot! But for those thinking of making the move, it’s important not to get lost by the practicalities of settling in this lively city.

Despite the change in the property market scene due to several factors, one of which is COVID-19, new residential developments are being built, so now could be a good time to snap up a great bargain and put a luxurious area within your budget.

We are here to show you how and why to make the purchase in new residential developments in Sydney.

If you have spotted the perfect new residential development in Sydney, then you are in luck!

The beautiful lifestyle of owning your own pristine home has many benefits - brand new fixtures and fittings mean less maintenance and no major renovations for years to come.

Yet, choosing where to live has to be a decision that suits your lifestyle and wallet.

Sydney has its new residential developments built in suburbs such as Parramatta, Marsden Park, Waterloo and Mascot, middle suburbs such as Arncliffe and Homebush Bay, outer suburbs of Liverpool and Riverstone, Cobbitty, Rouse Hill, and alongside transport nodes.

Do your homework about property prices in Sydney’s regions before making up your mind.

If circumstances dictate that you need to walk straight into your own residential development in one area, then consider talking to a property development company agent.

Residential development activity remains buoyant across Sydney, with solid demand for luxury residential developments. But as prices of new developments keep surging in Sydney, the blame falls on tax incentives and low-interest rates.

However, these can be an easy fix when investing in a brand-new dwelling with the right property development company. In the current environment, purchasing a new residential development has so many benefits.

1. Less stamp duty than purchasing an existing development: First home buyers could save a lot of money when buying their new private residential development in Sydney because the stamp duty for homes has removed up to $600,000 and provided stamp duty relief for homes up to $800,000. That would mean saving around $34,000, if not more.

2. Saving money while the new development is being built: Upon securing a new dwelling in a residential area in Sydney, you’d be normally paying a 10% deposit, reducing some of the future years’ mortgage payments. You would not be making any further payments until the development project’s execution is finished. As a result, you would be economising during these years by gaining interest on your savings.

3. First home buyer grant: If you happen to be eligible for a $10,000 grant, it means you are a first-time home buyer entering into a contract to construct a property of up to $750,000. Along with stamp duty savings, your new residential development would be a way to get that grant and obtain a slight financial relief.

4. State-of-the-art amenities: Without leaving your house, you could have ease of access to swimming pools, gyms, rooftop gardens, and other premium amenities at the same building, which is available at luxurious new residential developments.

5. Tax depreciation: You may be able to claim depreciation and interest payments against your tax return for your new home through negative gearing.

Many first-time home buyers or investors may not have the time to hunt a new residential development or cannot figure out where to start while also saving up money.

One way that would make it easier is to talk to a property development company for help because its knowledge in Sydney and the surrounding areas would be distinguished.