There are many apartment projects from small boutique block to massive high density high rise blocks. Australian Property Hub has access to almost any development that is in the market in Victoria, Brisbane and NSW. In this current market most developers are changing strategy to build apartments that are more suited to owner occupiers. This is due to a lack of investors and non- resident buyers with legislative changes and changes in the lending environment. Most developments will rely on bank funding which means pre-sales quota has to be met before construction work can begin unless the developer is cash up or don’t rely on local funding. This is an added consideration when looking to buy into a project, you want to be sure that the project will take off. There are boutique blocks with no or minimal communal facilities and there are those that have amazing communal facilities. What you choose will depend on what your needs are. We will work with you to find you a suitable match.
Buying an apartment off-plan still makes sense for the owner occupier because it has the following advantages
- You save a lot on stamps as land value is low. For example a $690,000 apartment off the plan could save $30,000 in stamps.
- It gives you a chance to make some changes to the floor plan if you get in early enough. Developers are changing their game to suit owner-occupiers and are quite happy to accommodate non- structural changes. We can give you guidance on how to do this and work with the developer to achieve your goals.
- You will have an apartment that is brand new as oppose to buying an old one which you have to spend to update or renovate which is not only costly but cumbersome
- Only 10% deposit is required and this gives you the chance to save more or sell your existing home
- You will have a property that is maintenance free for a good 10 years or so.
- For those who buy to downsize, you have the advantage of lock up and go without undue worries about garden or break-ins and be close to amenities
- Cash flow is compelling reason, apartments rent for more money then an old house in a big block
- Land tax is minimal or none
- Benefit of gearing for those who needs it.
Follow our FB page https://www.facebook.com/auspropertyhub/ to see which project/projects are current.