Merrylands, Harris Park: Residents choosing build-to-rent properties over mortgages

Sydneysiders are shunning mortgages and welcoming long-term leases as they embrace living in rental-only complexes with all the trimmings.

Rasieh Ghoneim in the build-to-rent two-bedroom apartment she lives in with her family at the Mason and Main complex, Merrylands.

For high school teacher and mother-of-three Rasieh Ghoneim, the great Australian dream doesn’t have a backyard or a clothes hoist.

It’s more like a shared cinema, swimming pool, gym and study room.

The Merrylands woman, her husband and three children aged six, eight and 11, are among the first residents in the Mason and Main development at Merrylands where the first stage is for renters only.

After living at Chester Hill, she and her husband eyed the Coronation complex – which is the largest build-to-rent project in NSW – and changed their mind about raising their two daughters and son in an apartment.

“We were in the process of moving houses,’’ Mrs Ghoneim said.

“I was opposed living in units to be honest – particularly with children – but once I called and inquired I came and had a look.

“It’s not your typical unit – it’s phenomenal, it’s like a resort. Even though we downsized from a house the facilities really compensate for a big house. It’s honestly gorgeous.’’

Rasieh Ghoneim in her family’s new bedroom apartment.

The two-bedroom unit has expansive views that stretch to Sydney Harbour. It costs $760 a week, which includes the car spot.

Living opposite Stockland mall means the family does not need to rely on the car as much to ferry back bags of groceries.

The family has met some of its neighbours and watched the State-of-Origin match in the cinema. Mrs Ghoneim’s sister-in-law has also moved into the complex with her family.

Mason and Main renters will be given access to facilities such as the swimming pool that owner-occupiers will not have when the 415-unit build-to-sell second stage opens in December.

The Mason and Main complex at Merrylands.

While it’s not classified as affordable housing, build-to-rent developments offer tenants more security without the need to be restricted by short-term leases.

“I personally find having a mortgage is more of a financial burden,’’ Mrs Ghoneim said.

Coronation Property owner Joe Nahas said since Mason opened in May, it had leased all of its

unfurnished one-bedroom apartments in 1 Main Lane and was focusing on 3 Main Lane.

“We have a range of different-aged tenants from different professions, ranging from healthcare, social, and disability support workers, teachers and IT professionals,’’ he said.

“At our other build-to-rent complex, Charlie Parker in Parramatta City, we already have an occupancy rate of more than 60 per cent.’’

He said most residents were aged between 24 and 35 who were healthcare, mental health workers, and IT professionals who live close to where they work.

At Harris Park, social worker Victoria Scotchford has moved into the Charlie Parker building, which has 124 units and is also a Coronation complex.

Victoria Scotchford, 28, in a communal area of the Charlie Parker building.

Originally from Brisbane, she has rented across Sydney including Redfern and Fairlight, and understands how brutal the rental market can be. She elected to live at Harris Park because it is closer to work.

Another drawcard was her one-bedroom apartment came fully furnished.

“I just wasn’t able to set myself up the way I’m set up now with all new furniture and appliances and amenities,’’ she said.

“Moving in was amazing.’’

After experiencing “a lot of crazy people in Sydney’’ she sought to live alone and is happy with her choice at Charlie Parker, which opened in May.

“Living alone as a woman I feel really safe,’’ she said.

Like Mason and Main, the 24-storey Charlie Parker has a swimming pool, cinema, outdoor dining areas and study rooms for those who work from home.

Finding a comfortable home is not lost on Ms Scotchford.

One of the units at Charlie Parker.

“Every day I’m working with people with housing instability and with nowhere to go because everywhere is full and I feel so lucky to get this apartment,’’ she said.

Build-to-rent apartments are here to stay, with thousands more apartments slated for the Parramatta CBD.

A 68-storey mixed-use development with build-to-rent units atop shops is earmarked for 2-10 Valentine Ave at Parramatta.

At 33 Argyle St, a 62-level tower with rent-only apartments, commercial offices and retail on a three-storey podium are in the pipeline.

Originally published as Merrylands, Harris Park: Residents choosing build-to-rent properties over mortgages