More Canberrans looking to buy property early
23 February 2016
With so much competition in the Canberra housing market, a record number of purchasers –young and old alike – are buying off the plan.
The increase in off-the-plan sales has been driven by demand to secure the best new apartments. Buyers are enjoying the reassurance of getting exactly what they want, instead of compromising their dreams and desires with an existing apartment or going through costly and time-consuming renovations.
There are a variety of reasons why different groups are now buying off the plan. Older buyers are looking to downsize from their traditional family homes. Young buyers are appreciating the ability to save up for a deposit and get the First Home Owner Grant. Investors are enjoying the advantages of depreciation and stamp duty deductions.
Most buyers are preferring to deal with reputable developers who have good track records and who settle on time.
Reasons to buy new:
• Modern designs maximise space, lighting, storage and offer balconies
• First Home Owner Grant and stamp duty savings available
• Potential to capture capital growth while waiting for the property to be built
• Choice of the latest technology and finishes with low strata fees or opting for resort-style facilities
Things you should consider:
• Ensure you choose a quality developer and understand their past projects
• Check if you’re prepared to pay the level of owners’ corporation fees for the facilities provided
• Understand council plans for the area to check if current views may be built out by another development
Understand the bylaws of living in the project such as whether pets are allowed