Can anyone please tell me how you find out about properties that are in the pipeline and therefore you can buy off the plan or before they are finished. I have tried on the internet ie Realestate.com.au etc but there is nothing on there I live in Melbourne and see some developments happening but have no idea how to find out this information I am looking for Units/villas
Be careful mate. OTP is not the path to easy money that it was during the early part of the last boom.
You will never hear about the best ones unless you get friendly with agents and developers. The very best deals are not usually advertised – if they are then they go quick.
So start calling agents and get them to put your details on their list of ready buyers that are set to go if something good comes up. Choose those who seem to get most of the development work.
Cheers,
Karen,
Simon is correct you must be careful when it comes to purchasing off the plan. Purchasing any property is all about timing and with Off the plan purchases you must have a clear vision of how and where the market is heading by the expected completion date, I would also advise that you should not pay more for the property than the average at signing. There is no doubt that there are many people who speculate with this type of investment, but believe me they have done their homework. I have seen people make $50 to $100K on this type of deal but I have also seen people lose money.Jon
Hi Karen,
try going to the websites of developers in your city. Don't forget quasi-state development bodies (Landcorp, VicUrban)
Units/apartments – Meriton, Central Equity,
Houses – Mirvac, australand, Stockland, Lend Lease etc
Not advocating these particular brands however once you start on this track hopefully it'll open your eyes to the projects in your area of interest. But for really small developments <10units say, you do need to drive around, speak to agents etc…
Echoing the others, off the plan has its perils and you need to understand the market, and it's still a big risk after that. Having said that I recently took a calculated risk with an off the plan purchase of a high end house in an inner eastern blue chip suburb of melbourne, completion 2008. Fingers crossed as elements look OK – cycle on an upswing, reputable developers, good product (the house) in a great location, reasonable pricing that is looking cheap as the general Melb market gets hotter.
Unless you are a professional valuer and buying first stage developments off the plan for a project that you know will be feasable through extensive due dilligence. I wouldn't touch them!
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