Leighton Beach: Mirvac launches Compass apartment development

Leighton Beach: Mirvac launches Compass apartment development
Leighton Beach: Mirvac launches Compass apartment development

MIRVAC has launched its Compass apartment development at Latitude Leighton Beach, along with a new incentive for first-home buyers.

The Compass project will include one, two and three-bedroom apartments priced from $420,000 to $1.145 million, with a range of floor-plan options, generously sized balconies and quality fittings.

It is in walking distance of Leighton Beach, the North Fremantle train station and well-connected to Perth and Fremantle, and will be part of a dynamic and growing community.

Mirvac WA general manager, residential development Paige Walker said the development met all the requirements desired, but often out of reach for first-home buyers.

As a result the company has launched The Right Start initiative for the Compass project to make buying a beachfront apartment more attainable for first home-buyers.

The Right Start aims to reduce the initial deposit burden, which is traditionally 10 per cent, allowing eligible first-home buyers to pay an initial 5 per cent deposit followed by two annual 2.5 per cent payments on selected apartments priced to qualify for the First Home Owner Grant (FHOG) and/or stamp duty concessions.

As an additional incentive, Mirvac will also provide eligible first-home buyers with $5000 to top up the FHOG.

Ms Walker said despite Perth property prices being their most affordable in years, first-home buyers were still facing a significant hurdle to taking their first steps on the property ladder.

“The Right Start initiative complements the State Government’s first-home owner initiatives to support affordable home ownership, focussing on lowering the entry barriers such as deposit costs and stamp duty, and supplementing the FHOG,” she said.

“With the release of our Compass apartments at Latitude Leighton Beach from just $420,000, and the announcement of The Right Start initiative, we believe we are really helping first-time buyers take that initial step by significantly lowering the entry barrier.”

First-home buyers Rosa Marlow and Jeffrey Pelc were the first to take advantage of the new initiative, purchasing a one-bedroom Compass apartment.

“We had been looking at beachside apartments both north and south of Fremantle for some time but couldn’t find the right combination of affordability and location,” Ms Marlow said. “To have the beach in front of us and the train line behind, and both so close, it’s just the perfect situation.

“The ability to spread out the deposit over a longer period, as well as getting an additional $5000, was a great sweetener for us.”

For more information visit the new ocean-facing sales centre, located in Prima apartment 102, 29 Leighton Beach Boulevard, North Fremantle.

Visit www.leightonbeach.mirvac.com or call 0466 514 277 for opening times. n