Just 27 apartments remain in its latest stage, Catania, most of which are under the $600,000 threshold.

Construction of Catania is scheduled to start in September, so purchasers have to act before commencement to qualify for the full Stamp Duty concession, which can amount to a saving of $22,490.

“The Government initiative has definitely sparked interest in Catania, and if demand continues at this rate we should be sold out by Spring,” said Paul Wainwright, sales and marketing manager for The Waterfront.

Catania has been designed jointly by Robertson + Marks Architects and Nettleton Tribe, and will be built on the corner of Baywater Drive and Marine Parade within the  Mediterranean-styled residential estate, The Waterfront. Just 13km west of the CBD and 8km south-east of Parramatta, The Waterfront has a commanding position on Homebush Bay, providing the increasingly rare opportunity to live by the water.

“The apartments have been priced within the reach of many first-home buyers,” said David Milton, managing director of CBRE Residential Projects. “They are smartly designed to maximize floor space, with good light and natural cross-flow ventilation.”

Investors have also been active at Catania, knowing that The Waterfront is a lure for tenants, with a consistently low vacancy rate of less than 1 per cent.

“At these entry-level prices it is possible for an investor with a reasonable deposit to positively gear their purchase because the rental income can cover the mortgage repayments,” said Mr Milton.

“Demand for accommodation at Wentworth Point will continue to be strong, particularly as the adjoining Sydney Olympic Park is earmarked to become a major commercial centre catering for approximately 48,000 employees.” 

Catania is the second apartment development released at Wentworth Point this year. The first, Corsica, sold all 215 apartments in just two months, and is now under construction.

The Waterfront is an environmentally-sustainable, and culturally-integrated residential showcase developed jointly by local company Payce and Sekisui House, Japan's largest home builder. At its heart is The Piazza, which contains restaurants, a café, delicatessen, convenience store, bakery, bottle shop, gelateria, wine bar, pharmacy, medical centre, hairdresser and a day spa.

Inspired by the stylish streets of Italy, The Piazza has emerged as a fashionable milieu in which to congregate and socialise. Here residents enjoy special events such as jazz concerts, food festivals and wine tastings.

A recreational club called Pulse contains such resort-style facilities as an indoor heated 25m pool, a fully-staffed gymnasium, two tennis courts and a function centre with a commercial kitchen.

The Waterfront has its own library and own integrated communication system called Homelinx which combines an intelligent cabling system and an array of enhanced digital services.

“All buildings at The Waterfront are designed to evoke that wonderful, carefree feeling of being on a Mediterranean holiday, providing residents with a casual yet elegant lifestyle,” said Mr Wainwright.  

The Waterfront has access to the Sydney Olympic Park Ferry Wharf, which provides services to the city and Parramatta. Trains at the nearby Olympic Park Station and Strathfield Station are part of the Sydney network and run frequently, as do Sydney bus services.

Just outside the palm-fringed entrance to The Waterfront is the 480ha Millennium Parklands - the largest park in Sydney - and more than 40km of cycle paths and walkways to explore.