SYDNEY, 30 JUNE 2021
A vacant car space in Sydney’s Potts Point recently sold for $225,000. The cost of running a car can be high, but the cost of parking it can be even higher.
At Midtown MacPark, Sydney’s next great urban neighbourhood by Frasers Property Australia, inquiries for one-bedroom apartments without a car space have surged, mostly from first-home buyers trying to get a foot in the property market and willing to forgo the car space.
Nigel Edgar, General Manager Development NSW, Frasers Property Australia says savvy young Sydney buyers have cottoned on that saving money on a car space could be a step towards the first rung on the property ladder.
“We have seen more inquiries from first home buyers looking at one-bedroom options without a car space for a lesser price, because where apartments are close to good public transport, especially near the new Metro line like Midtown MacPark, a lot of buyers are actually happy not to have a car,” Mr Edgar says.
“A dedicated underground parking space could add up to $100k to the cost of a new home, a substantial cost particularly for one-bedroom apartments. That extra cost, combined with the costs of purchasing and maintaining a car, are much greater than taking public transport or using car-share services.
“This is why more and more people in big cities like Sydney are avoiding car ownership. They are willing to forego parking to save money for their first home and catch a train, bus, or use a bicycle to get around instead,” Mr Edgar says.
Midtown MacPark is one of Sydney’s most connected communities in the heart of Macquarie Park. The Metro station is just 500 meters away and shopping centres, schools and childcare centres are all nearby. There are also extensive public transport options, including rail and bus connections. Once the new Metro line is completed in 2024, travelling to Sydney CBD will take less than 20 minutes.
Car sharing schemes will be a key feature in the new connected community. Designated car share parking spots will be provided in each stage of the development and upon completion, there will be a minimum of 50 shared vehicles serving the community. Future residents can access a car if need be and get all the benefits of owning a car without the cost and hassles.
One-bedroom apartments without car space at Midtown MacPark are priced from $630,000 to $730,000, one-bedroom apartments with car space range from $755,000 to $780,000, while two-bedroom apartments are $905,000 to $985,000.
“We still have a limited number of one-bedroom apartments without parking available at MAC Residences, all of them below $750k, meaning first home buyers can take advantage of the NSW Government stamp duty concessions and even apply for the First Home Loan Deposit Scheme1 to secure a brand new apartment with only a 5% deposit,” Mr Edgar says.
“It is a significant boost for a first home buyer to get onto the property ladder.”
Frasers Property Australia is working with the NSW Government to deliver the $2.1 billion masterplanned mixed tenure community, which will integrate approximately 3,300 apartments with a range of community facilities, including a proposed school and childcare, aged care, a new central park, pocket parks and playgrounds, a community centre, pool and gym, and all the amenities for modern living within walking distance, underpinned by world-class design. It will be developed in stages over the next 10 to 12 years.
Midtown MacPark is one of the best-connected communities in Sydney, surrounded by great schools, workplaces, shopping centres, a university, easy access to arterial roads, extensive public transport options including rail and bus connections, and an easy walk to the Metro station.
At Midtown MacPark, world-leading architects including Bates Smart, Hassell. COX and Candalepas Associates have collaborated to create a masterplanned community diverse in architectural form, integrating new homes with access to community amenities and green open space to create a sustainable, inclusive, and vibrant place to live.
Frasers Property is targeting a 6 Star Green Star Communities rating for Midtown MacPark and the vision is for the community to be carbon neutral in operation.
The Midtown MacPark sales office is open, and people can book an appointment by calling Frasers Property on 13 38 38 or by visiting . The sales centre is located at 1 Ivanhoe Place (off Herring Rd), Macquarie Park.