In May, Sydney developer Mintus pledged to quarantine 30 per cent of its new residential development, ‘The Verge’. 

‘The Verge’ is located at the corner of Russell and Underwood streets, Corrimal.

Apartments have been available to purchase off the plan since April 24. 

Currently, 27 apartments have been sold; 17 of these to first home buyers. 

The apartments set aside for first home buyers range from $570,000 to $595,000. 

‘The Verge’ is a development consisting of 49 units and ground floor retail including ALDI. 

Fifteen of the apartments were originally set aside as ‘First Start’ apartments.

Mintus has now announced that a further ten apartments have been set aside exclusively for first home buyers.

Mintus will also offer first home buyers half the deposit (five per cent) up front, with the remainder to be paid over two further instalments.

“Normally, a large majority of applications for a development like this would be from investors, but over half The Verge’s applicants are first home buyers, which is fantastic to see,” Knight Frank’s Director Illawarra Matt Borg said.

“The feedback from applicants has been really positive, with many expressing how much easier this process has been for them, largely due to the affordably priced units and reduced initial deposit. And now, given the NSW Government’s recent housing affordability package, abolishing stamp duty for first home buyers on homes up to $650,000, we expect to receive even more interest in the development.”

SCHOOL FUNDRAISER

Agents from McGrath Thirroul are offering to give up their commission as a one-off to fundraise for Coledale Public School.

Illawarra residents seeking to put their house on the market can bid on the amount of commission they are willing to pay.

McGrath agents Angela Bolton and Chris Atlee will provide services for the sale of the winner’s home for free. 

“So if a house was worth $1 million, they would expect to pay approximately $25,000 in commission fees,” organiser Chantal Kershaw said. 

“The seller can put in a bid of anything from $10,000, saving them potentially thousands of dollars. Last year the winner saved over $15,000 in commissions.”

Ms Kershaw said the amount of the winning bid will go directly to the school, and is paid on settlement. 

To be eligible for this prize the property must be in the Illawarra area; the winning bidder will be responsible for the costs of advertising and auction fees ($550 within the McGrath network) if required; and you must have a whole 18 months to register your property for sale.

This prize will be part of a silent auction at the school’s trivia night on July 29 at 7pm at Coledale Surf Club. 

Entrants need to submit their bids (which must exceed $10,000) to the Coledale Public School P&C by emailing coledale.pc.secretary@gmail.com by 5pm on July 29. The winning bid will be announced on the night.