Whether you’re in Brisbane’s CBD or on Queensland’s coasts, it seems as if the skyline is changing every day and a myriad of exciting new developments are on the way. Thinking about buying your next residence off-the-plan? We discussed this with Place Projects Director Syd Walker and sought out his expert advice…
What are the benefits of purchasing a property through this method?
"Once you have made the decision to buy off-the-plan, you have the period of the construction to get your existing property sold and to organise your personal finances."
"The property is also brand new, as you are buying before it is built. Once sold to you, your purchase price does not increase. The value however can often go up over time, delivering a profit before you pay for it. If you intend to rent it out, you will get the maximum depreciation and tax deductions."
Are there any crucial questions buyers should ask?
"It’s important to research how experienced the developer is and if they have other developments to show you what they can deliver. Ensure you enquire as to how much are the Body Corporate fees are, so you know what your ongoing costs are going to be."
"Also, it’s worth finding out what are the colour schemes that you can select from. And perhaps most importantly, ask what is the time-frame to deliver so you can plan ahead? Lastly, if you are an owner-occupier, enquire as to how many apartments will be rented so you can decide if it is for you."
Jewel, Birtinya Island. Marketed by Place Projects
If a buyer is purchasing with the purpose of investing, what key factors should they look out for?
"What are the amenities in the common areas; for example, is there a swimming pool, a barbecue and any outdoor areas available to entertain visitors? Also consider if the property is close to shops, public transport and what price will the property rent for."
"It’s a great idea to ask local agents for appraisals to see how easy it is to rent. New apartments yield better than houses and can be more hands-off when it comes to maintenance."
Is there any special terminology or clauses that buyers should look out for in their contracts?
"Look into who gets the benefit when the deposits are invested. Also, be sure to ask if you have the right to resell before settlement and how long it will be from when a title is created or issued to settlement."
"If a property takes much longer to construct than expected, can buyers seek out other purchasing/investment opportunities elsewhere?"
"Check the ‘sunset clause’ for the time the developer has to build the product on offer. This is a special condition included in a contract that details a time-limit for builders to finish a project before a buyer can exit without incurring costs."
Are there any Brisbane/Gold Coast/Sunshine Coast regions that buyers wanting to purchase off-the-plan should keep an eye on?
"Beach and waterfront properties in Queensland’s South-east are in high demand for owner-occupiers. This has been influenced by the desire to escape Sydney and especially Melbourne and their Covid-related lockdowns."
"In Brisbane, anywhere there are new rental property developments close to parks, major entertainment precincts or railways stations within five and 10 kilometres from the CBD will be easily rented. Sunshine Coast and Gold Coast areas close to beaches or walking paths that link to cafés and retail shops prove beneficial to owner-occupiers and renters."
88 Burleigh, Burleigh Heads. Marketed by Place Projects.
For more information about buying off-the-plan, read Place Project’s ‘Buying off the plan’ guide here. Empowering clients with information to make informed decisions, the high-quality residential sales organisation has a passion for innovation and delivering exceptional results."
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