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A Sydney developer spruiking “affordable” apartments in the city’s southeastern suburbs says the new development could offer hopes for aspiring homebuyers to finally enter the market.

The cost-of-living crisis is hitting people’s pockets hard with high inflation and soaring rents. Sydney, in particular, is facing a housing crisis.

It has seen many even declaring they may never own their own home.

In the midst of rising housing prices and an acute under-supply, developer Versatile has partnered with Laver Residential Projects to bring a new development to market known as Botanica Kingsford, which includes 58 brand new, soon to be completed apartments split between two buildings on Gardeners Road.

With most apartments ranging between $600,000 and $900,000, Laver Director Dennis Vertzayias said the development’s position is “triple A rated” and was a “solution” to the current housing crisis, particularly for first home buyers, desperate to enter the market.

“The apartments are located within a 10-minute drive from the CBD ... and just nearby we have UNSW, Prince of Wales Hospital, Centennial Park, Allianz Stadium, Fox Studios, the light rail, golf courses, schools, beaches and the list goes on” he said.

“You have nearby amenities that people come from all over Sydney to enjoy, and it’s right here on your doorstep.”

Mr Vertzayias said while the building design was top quality, and also attractive to the investor market, the development design was “genuinely geared” for first home buyers and focused around “affordability”.

“In all my time, I’ve never seen a landscape where we’ve got so many projects delayed or stalled,” Mr Vertzayias said.

“The price of land hasn’t really come down ... interest rates have increased ... there’s more delays than ever with planning, and the costs of construction have increased around 30 per cent.”.

He praised Versatile and Perifa for being “highly considered with the offering” by providing brand new completed properties so close to the city in a highly affordable price range, which he went on to say is a very unique proposition given the current challenges for most developers to deliver these projects in the current economic landscape.

“As fully completed apartments in this price range, this makes Botanica, Kingsford a unique offering in the market,” onsite Laver selling agent Steven Stamoulis said.

“Since the development went live to the market, we have received 50 enquiries within 24 hours.”

Given its proximity to the city, Mr. Vertzayias said typically most people have budgets for apartments in the range of $1 million to $1.5million.

Construction of the site by the Perifa team, is expected to finish up by June, however, early deposits have already been made for several of the 58 units.

It came after Mr. Vertzayias, along with Co-Director James Lampropoulos requested Versatile Construction to fast-track four display units for prospective buyers to look through, and it consequently paid off.

Full articles here by Daily Telegraph