Domain and realestate.com.au websites are awash with re-sale advertisements of off-the-plan apartments

PHOTO: Mirvac’s Susan Lloyd-Hurwitz at the top of St Leonards Square in Sydney’s lower north shore. Supplied

Domain and realestate.com.au websites are awash with re-sale advertisements of off-the-plan apartments at Mirvac’s St Leonards Square development as the developer tops out its project on Tuesday.

About 60 out of 80 units for sale in St Leonards – on each of Domain and realestate.com.au – are units in the 527-unit St Leonards Square project at 472-486 Pacific Highway on Sydney’s lower north shore.

Mirvac chief executive Susan Lloyd-Hurwitz says she is confident the two-stage settlement for the project in October and December will proceed smoothly as the company doesn’t allow “nominations”, where a contracted off-the-plan buyer finds another buyer to take over the sale and settlement.

This practice is not allowed in NSW but allowed in other states like Victoria. An off-the-plan resale in NSW is treated as a secondary sale and a second round of stamp duty must be paid.

“As we said last week to the market [during results] that our default rate is under 2 per cent and this is certainly a project that will settle very well. We have worked with our customers for many months to prepare them for settlement,” Ms Lloyd-Hurwitz said.