Kiara: The gateway to the Inner South for first home buyers
With increasing house prices and a tightly held market, it could be said that first home buyers have little opportunity to enter the market, let alone in sought after areas like Canberra’s Inner South. Yet it is off-plan opportunities such as the Kiara Residences in Narrabundah that have afforded just that.
In a blend of leafy green surroundings and with a comfortable, quality and timeless design, the well-regarded local developer, Amalgamated Property Group, has chosen again to build with Milin Builders, and together they are putting the finishing touches on Kiara which is close to its completion. This transformation of the previously run-down block is bringing new life to McIntyre Street and rejuvenating both Narrabundah and the Griffith neighbourhood with a high-quality development, and bringing many new residents to the area including first home buyers.
We spoke to two soon-to-be Kiara residents about their buying journey and how they decided to purchase at Kiara.
Both highlighted that achieving your property goals can be achieved despite their age and average Australian earnings without compromising on a premium location.
At 24 years old, Meg Taylor made the decision to purchase her first home, a one-bedroom apartment at Kiara. The best part? As this was an off-plan purchase, Meg was able to secure the apartment with only a 5% deposit and had the remainder of the construction to save additional funds.
While Holly Smith knew she wanted to get into the property market at some point, she did not think it would happen at the age of 19. With a shift in travel plans, partnered with the right advice from her peers, she was also afforded the opportunity to purchase her first home at Kiara.
Like anyone in this position, the big step to homeownership was quite daunting. Both Ms Taylor and Ms Smith were lucky in their positions within the Real Estate industry to have expert guidance and advice at hand.
Working in the Project Marketing space, Meg received support from various agents within her team on the benefits of buying at Kiara. She was thrilled with the opportunity to commence her journey to homeownership and begin building a property portfolio.
“I think the media had beaten down the dream of being able to own a home and has made it seem less possible. I was able to get some insight from people in the industry to educate me to look at apartments as a steppingstone to getting a house one day!” Ms Taylor said.
As a Sales Assistant at Independent, Ms Smith had easy access to get the best advice on where to buy. Buying through Independent gave her a rich understanding from the experts on the product, inclusions and features that would benefit her in choosing the right investment.
“I feel so grateful and proud that this is something I could achieve at this stage in my life,” Ms Smith said.
Armed with the knowledge of what to expect when buying off the plan, these two young ladies had confidence in their decisions to commit to purchasing their first properties.
For both, the draw of the Inner South and a high-quality first home was a key factor in their decision, for confidence in their first large financial investment.
Having spent much of her schooling life in the Inner South and growing up nearby, Ms Taylor loved the location and was familiar with its surroundings.
Kiara did not only appeal to Ms Smith for the sake of owning her first home, but she found love in its carefully thought-out design and proximity to recreational sporting grounds, local stores and an arm’s reach from Kingston, Griffith, and Manuka.
“It has that heritage Canberra vibe that is so timeless, plus it’s closer to my work which is a bonus,” Ms Smith said.
As their homes began to take shape, both found it humbling to see what they had achieved and hoped to encourage others that buying at a young age is undoubtedly achievable.
“My ambition was to get my foot in the door of the property market… I was also lucky enough to have purchased from Independent and experience the in-depth buyer’s journey firsthand, which kept me up to date throughout the process, from purchase to settlement,” Ms Taylor said.
Receiving regular updates on the development allows purchasers to stay in the loop and instils confidence in the product, as they’re receiving regular updates from the developer and builder.
Given the current demand for housing in Canberra, with no sign of decline in the near future, these investments will work to an advantage. While their apartments build up equity, they are both excited by the prospect of expanding their property portfolios even further.
“I’m lucky I purchased at the right time and am already keen to buy my next property with the equity I already have,” Ms Smith said.
As moving day approaches, these ladies are excited about the freedom that living in their own properties will bring and are looking forward to calling the Inner South home.
If you’re contemplating whether buying off-plan is right for you, get in touch with Independent Property Group for expert advice.