Poly Australia holds back all Poly Horizon apartments under $800,000 for first home buyers

Sydney, Monday 5 June, 2016 – In support of new incentives by the NSW Government to assist first-home-buyers, Poly Australia has announced they will hold back all apartments under $800,000 for first-home-buyers to purchase from July 1.

The announcement is in response to long awaited new measures by the NSW Government to address Sydney’s housing affordability issue.

From July 1, NSW will scrap stamp duty for first-home-buyers purchasing property up to $650,000 and reduce stamp duty on properties up to $800,000.

The changes also include an increase in stamp duty for foreign investors from 4 per cent to 8 per cent.

“We believe we will see a rush of foreign buyers securing property in the Sydney market in the next month as a result of the increase in stamp duty fees,” said Poly Australia Sales and Marketing Director Jay Carter.

“Our objective is to ensure that first-home-buyers don’t miss out because of this influx,” he said, adding that first-home-buyers will have the first opportunity to purchase these apartments once re-released.

“We want to give first-home-buyers every opportunity to take advantage of the new stamp duty discounts. Not miss out because the apartments have been snapped up by foreign purchasers who may want to get into the market before the stamp duty hikes take effect.”

“We will re-release these apartments with a price guarantee, so they’ll come back to market at exactly the same price.”

The final available apartments at Poly Horizon were released to the market last month. A total of 23 apartments will be taken off market and made available to first-home-buyers from July 1.

The changes in stamp duty fees are predicted to provide first-home-buyers savings of up to $34,360 according to the NSW Government.

-ENDS-

For further information, or interview opportunities, please contact Jamie Pericleous, Poly Australia PR & Communications Manager, on 0421 173 361 or Jamie.pericleous@polyglobal.com

About Poly (Australia) Real Estate Development Pty Ltd

Poly (Australia) Real Estate Development [Poly] is the Australian division of the listed international property development company, Poly Real Estate Group Limited.

Founded in 1992, Poly Real Estate Group Limited listed on the Shanghai Stock Exchange in 2006 and operates in Australia, UK, the US and China. The company has a total asset value of AU$120 billion.

Through its Australian subsidiary, Poly (Australia) Real Estate Development, Poly Real Estate Limited entered the Australian marketplace in January 2015 acquiring its first site in Melbourne, closely followed by a site in Epping in Sydney’s northern suburbs.

Poly (Australia) Real Estate Development is the Australian division of the listed international property development company, Poly Real Estate Group Limited. Founded in 1992, Poly Real Estate Group Limited listed on the Shanghai Stock Exchange in 2006 and operates in Australia, UK, the US and China.

In New South Wales, Poly is currently developing a landmark $344 million mixed-use project, Poly Horizon in Sydney's northern suburb of Epping which comprises 501 apartments.

Poly aims to build a development pipeline of between 2,000 to 3,000 apartments in New South Wales. It intends to explore additional opportunities in other areas in which it has an interest overseas such as commercial buildings and retirement villages. It is also open to entering into joint venture opportunities, where appropriate, to take advantage of Australia as a key growth market in property.

About Poly Real Estate Group Ltd

Poly Real Estate Limited is the Shanghai-listed commercial property arm of the state-owned China Poly Group Corporation.

Poly Real Estate is ranked 332 in the Forbes Global 2000 list in 2015. The company has assets valued at $125billion.

About China Poly Group Corporation Pty Ltd

China Poly Group Corporation operates as an investment company, The Company invests in trading, real estate development, culture and the arts, mineral resources, and other businesses.