First-home buyers get first dibs on units and townhouses in The Eden development, Greenacre

INVESTORS will have to wait their turn. First home buyers are getting first dibs on apartments and townhouses in this new Western Sydney development.

• Units can be inspected from September, investors have to wait to buy

• Apartments from $650,000, townhouses from $789,000

FIRST home buyers will get first dibs on the release of 47 apartments and townhouses with the chance to buy off-the-plan before investors can beat them to the punch.

Display suites at The Eden development in Greenacre, near Bankstown, will be open for inspection to first home buyers only over three to four weeks in September, with investors and other home buyers only able to view any proposed homes still on sale after that period.

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CPM Realty’s Sam Elbanna said the decision to release The Eden primarily to first-time buyers was an attempt to level the playing field.

The new residential development Eden, in Greenacres, will be released to first homebuyers only over its initial four week release period.

Investors and existing homeowners have bought about 85 per cent of Sydney’s listed properties over the past year, with first home buyers continually outbid.

Sydney’s shortage of homes for sale has added to first home buyers’ woes, shrinking the choice of properties available.

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Core Logic RP Data figures show there are roughly 19,000 homes for sale across the entire city, down from more than 27,000 a year ago and almost half the number of properties available in Melbourne.

Buyers wanting to be first in line to view The Eden will have to prove they have never owned a home before by providing a statutory declaration signed by a justice of the peace and other supporting documents.

Eden’s initial release to first-home buyers is an attempt to level the playing field with investors.

The Eden apartments will be priced under $650,000

Further details of the release are being finalised but all of the one, two and three-bedroom apartments will be priced under $650,000 — within reach of most first time buyers. The 14 townhouses on offer will start from $789,000.

Mr Elbanna said The Eden had received about 40 inquiries from first home buyers, suggesting the release would be well-received.

Buyers wanting to be first in line to view The Eden will have to prove they have never owned a home before.

The Eden’s location has first homebuyers in mind. A Westpac study revealed about 60 per cent consider proximity to amenities their biggest priority and The Eden is within walking distance of parks, gyms and shopping centres.