Australand slashes home prices by $100,000

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Developer Australand has announced a once-in-a-lifetime deal for homebuyers, stripping up to $100,000 off their home and apartment prices during May. The brand new homes will be available to buy in "sought-after suburbs" says the company, and will assist those struggling to break into the Sydney property market by giving a big helping hand. In an attempt to pull homebuyers out of the affordability crisis rut, the 'Ready to Move Home Sale' is offering reductions on over 150 completed homes and apartments in Australand communities across Sydney's north, west and south; including Warriewood, Lidcombe and Glebe. The company says it is able to make the offer due to the large volume of houses it is building. Tony Pizzolato, acting residential general manager, Australand NSW, said he hopes the savings will allow many Sydneysiders to reach the ultimate dream of owning their own home. "Savings as big as this can be the break many people need to escape the rent trap," announced Pizzolato. "Australand wants to give people renewed hope that they can afford their own home. What we are offering is a range of fully finished homes and apartments in a mix of masterplanned communities and boutique developments, at greatly reduced prices," Pizzolato continued. Increased attempts to make NSW home affordable comes after the Real Estate Institute of Australia (REIA) announced the state as the least affordable location in the country. REIA figures show that a massive 37.2% of family income is now required to meet average loan repayments. The offer began this week and will run until 20 May 2007.

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