Touring the construction site recently were 20 of the first group who were able to break into Sydney’s housing market by paying five per cent deposit for an apartment in Scarlet, the tallest tower at Pavilions, and the remaining five per cent in two instalments.
Having identified the high deposit hurdle and competition from investors as the biggest barriers to home ownership, Mirvac launched The Right Start in 2017, allowing first home buyers to exchange on a five per cent deposit and have priority to purchase ahead of investors.
To celebrate The Right Start alumni making their final deposit instalment, Mirvac offered them an exclusive sneak peek of the Pavilions construction site, where Verde has now topped out at the 12th floor and Scarlet will top out at the 35th floor close to Christmas. Completion of Pavilions is expected to commence from early to mid-2020.
Mirvac General Manager of Residential Development NSW, Toby Long, said the tour had been organised as a way to congratulate the buyers and keep them focused on their goal.
“It’s a long hard stretch saving the deposit for a first home and what these Right Start buyers have achieved is worth celebrating,” said Mr Long. “We are delighted to have been able to help them break into the market and they have risen to the challenge by making their instalment payments. We are extremely proud of what they have achieved.”
The Right Start was conceived holistically to provide practical support to first home buyers, from first contact to settlement and beyond.
Pavilions is located in an area where the NSW Government has committed to billions of dollars of infrastructure spending, including Metro West Rail which is expected to begin construction next year.
Mid-way between the Sydney CBD and Parramatta CBD, Sydney Olympic Park is undergoing rapid transformation with a Masterplan that will see a resident community of around 23,500 people in 10,700 homes, 34,000 workers, 5,000 students and 100,000sqm of retail space, all due to be completed by 2030.
Standing at the gateway to Sydney Olympic Park, Pavilions consists of almost 700 apartments within four buildings rising from a 4,000sqm courtyard tapestry of green spaces.