Great News For First Home Buyers

New financial year brings even more federal government support for those buying their first home.

The Australian Federal Government has ushered in an unprecedented level of support for first home buyers this new financial year. On July 1, the Federal Government opened up 40,000 new places under its First Home Guarantee Scheme. The newly appointed labour government has also announced a Help to Buy shared equity scheme, where it will help eligible first home buyers by contributing up to 40 per cent towards the purchase of a new home.

Administered by the Federal Government’s National Housing Finance and Investment Corporation (NHFIC), the New Homes Guarantee Scheme is open to individuals earning up to $125,000 a year or couples earning up to $200,000 who are looking to purchase their first home. Under the scheme, first home buyers can apply for a loan through one of the scheme’s 32 lenders for the purchase of a property in Sydney worth up to $900,000.



Home buyers usually are required to pay lenders’ mortgage insurance (LMI) if they purchase a property with a deposit of less than 20 per cent. But under the scheme, the NHFIC guarantees up to 15 per cent of the value of the property, meaning approved buyers only need to pay a 5 per cent deposit and avoid paying costly LMI insurance.

The number of places under the scheme has now been expanded from 10,000 to 35,000 a year. An additional 5,000 places are open to single parents who will only be required to pay a 2 per cent deposit towards the purchase of a property.



The Federal Government says its new Help to Buy scheme will see eligible first home buyers in Sydney save up to $380,000 on the purchase of a newly built home or apartment. Open to 10,000 applicants a year, the scheme will see the Federal Government contribute 40 per cent to the purchase of a new home or 30 per cent to an existing home.

Successful applicants will only require a 2 per cent deposit towards the purchase of a property worth up to $950,000 in Sydney, again removing the need of costly LMI insurance. To be eligible for the scheme, applicants must earn less than $90,000 a year or $120,000 for couples. Homebuyers are not required to pay any costs related to Federal Government’s share in their property, significantly reducing the costs of their mortgage.



And don’t forget the First Home Super Saver Scheme - this enables first home buyers to build a home deposit inside their superannuation accounts by up to $15,000 a year or $30,000 in total. The First Home Super Saver Scheme effectively allows first home buyers to build a home deposit quicker given their extra super contributions are taxed at the concessional rate of 15 per cent. Buyers can then withdraw the savings when they are ready to buy their first property. The key requirement is that applicants must live in their home for at least 6 months in the first year after purchase or construction.



So if you are near being able to realise your first home dream, check out Cramer’s incredible properties below:

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How to prepare your home for sale

Staging your property, the new term for styling your home or investment to attract buyers, has become, quite literally, an art form. Companies now exist who will come into your property and style it to showcase it to its best effect, but this comes at a cost. If you can’t afford it, don’t despair as most of us are perfectly capable of staging our own property if we follow some simple guidelines.

 

Properties that look good are more alluring to buyers as they can more easily envisage themselves in aesthetically pleasing homes. Clean, uncluttered spaces present as the most attractive to buyers so let’s start with the obvious. Remove excess furniture and minimise personal items such as photos and unattractive gifts from loved ones. Remember, less is almost always more. Now is the time to remove all things sentimental unless they are of design significance - you might enjoy seeing your treasures but to a potential buyer it just looks like clutter.

 

If your furniture looks cheap or tired, either ditch it completely or invest in an attractive alternative. It doesn’t have to cost a fortune. Try affordable homeware stores such as Matt Blatt.

Small touches can make a big difference. Fresh flowers, stylish accessorising and comforting scents are always a hit, creating a feel-good vibe in your home. On-trend botanical print cushions, lush throws, beautiful framed prints, gorgeous candles and that divine smell of freshly brewed coffee will all appeal to the senses of your buyers.

 

Check out the paint finish and clear any evidence of mould – this weather is creating mould in places it has never previously appeared! Where there are marks on the paint, a pot of gumption will be your new best friend. Try a bit of spot cleaning and you will be surprised how your walls will spruce up. Ideally paint is white or a pale grey to create the greatest sense of space and light. Where there is a feature wall or signature colour in a room, check whether it is on trend and if it is not, paint over it.

Create the illusion of separate zones. Where you have an open plan living and dining area, make sure your styling creates a sense of separate purpose. If the area is small, just have one couch and get a smaller round dining table as these will allow for a greater sense of spaciousness. Whether your outdoor area be a balcony, courtyard or backyard, make it an extension of the living area. Even the smallest balcony can have a tiny round table and chair to offer a separate space for a morning coffee, evening cocktail or to read a book. With this in mind, set up the areas with props, eg books on side tables, laptop in study nook, champagne glasses and candle on outdoor setting.

If your property is a little on the dark side, make sure you have ample lighting. Where overhead lighting is deficient, invest in some floor and desk lamps to brighten up the spaces. Stick to a very light colour scheme, preferably bright white on the walls and ceilings and light coloured furniture. Place lovely bunches of flowers around and the odd bright coloured cushion.

If there are any glaringly urgent repairs needed, get them sorted as things like leaking taps, broken windowpanes and chipped plaster walls are off-putting to buyers. If your property needs a full renovation and you are not going to be the one to do it, there is hope when selling - work with its existing attributes. Always check under carpet to see if there are floorboards underneath as ideally you would expose these. Stripping your property back to its bare bones will allow buyers to see the potential that lies below. Style it in a rustic, shabby chic way, being careful to minimise furniture.

For all properties, the final non-negotiable is to make certain it is spotlessly clean and smells lovely. If you are time poor, hire a professional cleaner or if you live in the property you are about to sell, as soon as you know you will put it on the market get into spring cleaning mode. Take down curtains and wash them where possible, clean out and tidy cupboards as more buyers will open them than you would think. For the best tips on getting your home in ship shape, take a look at our home edit inspired piece in the link below and best of luck with the sale!

In-coming overseas students set to surge and boost Inner City apartment market

Over the past two decades, national revenue generated by international students has become more and more lucrative. Then along came the pandemic, wrecking its havoc, with one of the big casualties 'economically speaking', this unexpected loss in revenue. At the end of 2021, Nick Reece, now Deputy Lord Mayor of Melbourne, called for a “massive wave of new immigrants to help get the city back on track” and this was equally true for Sydney. 

As if heeding Reece’s call, in recent months there has been a huge surge in approvals for international student visas, with the Australian Financial Review just reporting a massive increase in approvals for student visas from Nepal alone, with approvals running at an exceptionally high 85 per cent. And applications for visas from China and India, the two largest source countries for international students, are also very high. This news cannot have come at a better time for the real estate market and it is inevitable that history will repeat itself with the positive effect it will have on revenue. 

One of the key factors set to boost revenue is the vast numbers of students whose wealthy parents opt to purchase an apartment for their child, in addition to paying for a great education. The lure of real estate in our promised land cannot be underestimated, particularly as the global state of affairs makes Australia seem like a safe haven by comparison. And many of these parents are now looking for a good quality product by a reputable developer in suburbs where their child is enrolled. 

Even if not purchasing a property for their child, many parents look for luxury rental properties to create a desirable home away from home. And as the influx of students will substantially increase demand for the rentals close to campus, this additional renter demographic about to hit the market is great news for investors. 

Since the Covid-19 pandemic, the state of NSW, and Sydney in particular, lost $272.7million in international student revenue, and this included lost rental income due to the lack of international students. A report by real estate group, Juwai IQI, cited “Universities have lost hundreds of millions, but Australian landlords have lost an even larger share of foreign student rental income.” 

In summary, with interest rates rising and rental vacancy rates declining, once again as people move back to the City in droves post-pandemic, this student influx could be a further injection into the mix that will keep the market buoyant.

For outstanding apartments in locations close to universities and tertiary education campuses, check out Cramer’s must see properties below.

Wicks Place, Marrickville – close to Sydney University, UTS & Macquarie University via numerous public transport options (bus, train, metro)

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Surry Hills Village, Redfern – close to Sydney University, UTS & UNSW via numerous public transport options (bus, train, light rail)

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Flashback to 1983 and share a beer with Bob Hawke!

Picture the scene - it's March 1983 and Bob Hawke is now Prime Minister after a landslide victory for the Labour Party. You’re wearing tight Levis with a plaid shirt, and you’re heading to the flicks to watch BMX Bandits with up and coming Australian teen actress, Nicole Kidman.



After the movie you head to Marrickville to grab a beer and a Chinese meal but hang on a minute…. 80’s Marrickville? Well, not exactly, but it might as well be. In Marrickville’s latest eccentric venue, the Bob Hawke Beer & Leisure Centre, you’ll feel as though you’ve entered a time warp.





Over the last few years, Marrickville has become a destination location for craft breweries – with over a dozen independent brewers within walking distance. The newly opened Bob Hawke Leisure Centre raises the bar with concept, décor and overall coolness. So how did this unorthodox venue come about? Like so many of the best ideas, it came from daydreaming. Homesick Australians Nath and Dave were sitting in New York on a cold day, dreaming about drinking a beer in the sun. Wondering who they would most like to have a beer with, the answer led to the founding of a brewing company with Bob Hawke.



It's the soulfulness of The Bob Hawke Brewery & Leisure Centre that elevates it above the pack. By combining two old school Aussie favourites - a cold beer and a great Chinese restaurant – the venue successfully nails the retro 80’s vibe, creating a quirky destination where you’ll feel instantly at home. Every part of the 1,200sqm establishment pays homage to legendary Prime Minister Bob Hawke and 1980’s Australiana. The décor is imbued with a personal collection of treasures and memorabilia, and lavished with 80s design trends such as golden hues, clashing prints and low level lighting. The lounge area and pool room have even been modelled after Hawke’s own pool room at his Northbridge home.

Chinese restaurant, The Lucky Prawn, is a museum-like time capsule showcasing all that is kitsch. A quintessential reminder of 80’s era Aussie-Chinese joints that could be found all over the country, the space celebrates red and gold, wood veneer walls, smooth curved lines and ornate, thick pile carpets (salvaged from Petersham Town Hall for authenticity). And to add the icing on the cake, this is a venue with a big heart. The boys donate a significant proportion of their brewery profits to Landcare and other environmental charities, so you’ll feel even better knowing that you’re helping save the planet when you frequent this soul-filled venue.

  

 

Close to this, and all the action of TimeOut’s top ten coolest hood in the world, is the Wicks Place village development located on Victoria Road Marrickville.



In this happening hub of creative spaces, cafés, parks, breweries, foodie destinations and so many more places to discover, you won’t find a cooler place to live. Check out Cramer’s phenomenal Wicks Place properties here:

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Call Cramer today to visit the showroom and learn more about Wicks Place, Marrickville today.

Living large in Sydney’s most family friendly developments

Many of us still believe that when our family expands, we need to upgrade from an apartment to a house. This generally requires a move away from the area that we love to somewhere often unfamiliar where we believe we’ll get more bang for our buck. The Great Australian Dream of the quarter-acre block with a Hills Hoist has been drummed into us since time immemorial, so considering other options seem unideal.



Just by re-evaluating our assumptions, we can be happier remaining living where we know and love. Most of our lives are so busy now, that the Australian Dream, should it be realised, involves an awful lot of extra work. However if we trade that extra space for convenience and access to amenities in our favourite stomping ground, we often benefit greatly. Don’t forget, agents have not been using the old real estate adage “Location, location, location” for nothing.

So if we are to look at growing our family in an apartment/residential development context, the smartest master-planned developments have common facilities that allow families a number of outdoor recreation spaces. The smart developers recognise the fact that if families are going to live in apartments, their project is best placed close to local parks and sporting facilities. The three bedroom apartments to look out for are ones with spacious living areas that flow out to large balconies or courtyard gardens. They should have an intelligent floorplan that maximises space and sleek, streamlined interior design for ease of cleaning. Look for good sized kitchen and storage cupboards and bathroom cabinetry that facilitate organisation.



Three bedroom apartments are ideal for growing families but if your budget will only extend to a two bedroom apartment, then look for a master bedroom spacious enough to set up a little nursery, for if and when you have a new addition. Then once sleeping is more settled, your little one can move into the second bedroom with its sibling if it is large enough to accommodate two single beds or a single and cot. With good organisation, this set up is very doable so don’t rule out a two bedroom apartment if you are thinking of having another child.

Premium developments sometimes have modern terrace homes that feature ample floorplans and several on-title outdoor areas. Terrace homes are fabulous, as they have the space for a growing family, good sized outdoor areas without the high maintenance of a house and garden, giving more time for family fun pursuits. 

Cramer have an outstanding selection of family friendly property options to suit your family’s needs. So think a little outside the house and garden square and find the perfect home for your family where you don’t need to compromise on location.

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What’s not to love about Alexandria and Rosebery

What’s not to love about Alexandria and Rosebery

The Grounds of Alexandria

Over the last few decades, Sydney’s Inner East suburbs of Alexandria and Rosebery have undergone one of the most radical transformations in our city. What were almost exclusively industrial areas have been dramatically gentrified are now teeming with some of Sydney’s most popular eateries, boutiques and artisan purveyors galore. 

Three Blue Ducks

Archie Rose Distilling Co

Many of the original warehouses have been brilliantly converted and repurposed as trendy bars, urban distilleries, food emporiums, funky cafes and one of Sydney’s most iconic destinations, The Grounds of Alexandria. Our favourite eateries are Bread and Circus Wholefoods Canteen, Three Blue Ducks, Sushi Jones, Yulli’s Brews, No 5 Restaurant and Bar, Pino’s Vino e Cucina, Zeus Street Greek, Mentmore and Morley, Black Star Pastry, The Cannery, The Drink Hive and Archie Rose Distilling Co – so much to love! 

Koskela

Living Edge

Utterly lovely homeware stores abound; the divine Koskela – where everything is designed and made in Australia; ultra-modern Scandinavian and British homewares at Living Edge; mid-century modern at Blu Dot; Brosa Studio +; and the homeware institutions of Coco Republic, Matt Blatt and Space. Or journey through the past at Mitchel Road Antique and Design Centre – a 2,300sqm antique and collectable bazaar where you can easily lose yourself for half a day. 

Mitchell Road Antique & Design Centre

Need to give your wardrobe a facelift but don’t want to spend a fortune? Look no further than the plethora of high fashion outlets such as Camilla and Marc, Zimmerman, Springcourt, Sambag, Incu, Dunning Avenue Outlet for denim and Seafolly for swimwear. And for covetable shoes, pay a visit to Wittner, Puma, New Balance, Reebok, Rockport, Lacoste and Ben Sherman outlets. And if you are in need of the most glorious bouquet, visit Mr Cook, the florist with some of the best blooms in Sydney.

Outlet Stores Alexandria

Feeling daring, energetic or both? Want to reconnect with your inner child? Look no further than Archie Brothers Cirque Electriq for bumper cars, bowling, arcade games or a little laser tag. Switch to adult mode as the Cirque turns to a cocktail bar by night. You can even indoor ski at In2ski. Care to channel your inner Viking? Try an axe-throwing competition at Kiss My Axe. And nature lovers can walk, run, cycle or picnic through the 40 hectares of green space that make up Sydney Park.

Archie Brothers Cirque Electriq

Kiss My Axe

For a slower pace, visit the underground Green Square Library. There are more than just books in this masterpiece of urban design. Featuring a subterranean garden and open-air amphitheatre, or you could hire the music room that comes complete with its own Baby Grand. Public transport is fast and effective from Green Square Station – zip to the CBD or Sydney Airport in 10 minutes either way.



If you are loving the sound of these vibrant, fun-filled suburbs, why not live in the thick of it with all the action at your doorstep 24/7. Teneo apartments in Alexandria offer superbly crafted, contemporary designer apartments and terraces where you can live the dream everyday.

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