Essential workers and other first home buyers are set to benefit from developer Third.i's proposed $1.6 Billion master-planned community at Charmhaven on the NSW Central Coast where affordable home packages will be on sale for around $700,000 – half the price of the average home in Sydney.
The Charmhaven Project is currently the largest housing development planned for the Central Coast and, if approved, will deliver over 2,000 homes, a low-fee school catering for 1,500 students from K-12, and a new business park creating over 600 jobs.
Strategically located between the Pacific Highway and Arizona Road, the new neighbourhood will be a catalyst site for the Central Coast growth region, providing a range of sustainable housing options, new roads and infrastructure, including all-weather sporting fields gifted for community use, and over 120 hectares of ecology stewardship lands and open public space, all in perpetuity.
According to research conducted by Newcastle University, over 50,000 Sydneysiders moved out of Sydney to the Central Coast, Wollongong Newcastle, Lake Macquarie and the Hunter in the 5 years to 2021. This is half of the total net migration from Sydney to regional NSW[1]. The research found that 35% of Sydneysiders would move regionally to either the Central Coast, Lower Hunter or Illawarra in the next 5 years, in pursuit of home ownership, provided they could access similar lifestyles through work, health & amenity[2].
"Our proposal at Charmhaven represents a rare and critical opportunity to deliver on the mandates set by both the State and Federal Governments: affordable housing, job creation, and environmental stewardship," Third.i's Head of Acquisitions, Florian Caillon, said today.
"While we recognise the important role Central Coast Council plays in shaping the Region's future, and we are committed to working alongside them to ensure this project delivers maximum benefits for the local community, we believe a development of this scale would clearly benefit from a State-Assessment.
"That would help facilitate the substantial level of planning and coordination required, working in partnership with Council, to achieve a balanced outcome that serves the community, the NSW economy and the environment."
Director and Founder Luke Berry said Third.i had designated over 10% of Charmhaven as 'affordable housing' (200 homes) and is partnering with the NSW Nurses and Midwives Association ('NSW NMA') and the Health Services Union ('HSU') to provide their members with affordable new homes close to Wyong and Gosford Hospitals.
"We're excited to be delivering a range of new housing options for local health and care workers on the Central Coast, who have been forced out of the Sydney market where the median house price is $1.55 million[3]," Mr. Berry explained.
"We'll be offering house and land packages under $700,000, so for example, two essential workers with the combined average household income of $160,000 will have the opportunity to put down a deposit on a new home on the Central Coast, without entering mortgage distress.
"If approved, Charmhaven will offer local first home-buyers the opportunity to live in a master-planned community, with parks, walking and cycle trails, new sporting facilities and a K-12 school.
"The good news is our affordable house and land packages will be on average, 50% cheaper than comparable properties on the Western Sydney fringes where for example, prices range from $1.495 for a home in the Catherine Park Estate to over $2.6 million for a home at The Gables. Compared to the average median price in Sydney, Charmhaven will offer double the lifestyle at half the price."
McDonald Jones and Mojo Homes CEO, Rob Douglas added: "This is an exciting opportunity being offered by Third.i and one we enthusiastically support. McDonald Jones new Everyday Range of homes with a starting price of $298,000 is the perfect partner for Third.i's Charmhaven development.
"We look forward to the approval of this development and helping Third.i deliver highly competitive house and land packages for families across the Central Coast."
Contingent on planning approvals, the first new homes at Charmhaven could be delivered in 36 months, helping meet the growing demands for housing on the Central Coast, which is forecast to grow to more than 404,250 people by 2041.
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About Third.i
Third.i is one of Australia's leading property development and investment firms with an enviable track record in successfully delivering large-scale residential projects in Sydney and Newcastle. With a current development pipeline exceeding $4 billion, Third.i's experience and drive to deliver architecturally inspired spaces are key reasons for their ongoing success.
