Help! Reselling prior to settlement on an off the plan townhouse, advice appreciated

Hi,

Anyone’s advice would be appreciated.

I have signed a purchase contract on a townhouse in a development in a high capital growth suburb of Melbourne.
Purchase price $620,000, 10% deposit already paid.

3 level townhouse in a highly sought after location (median house price increased by 38% in this suburb between March 09 & March 10).

Settlement due on completion of the entire development which is expected in approximately 12mths.

Issue is one of us (joint purchase) has become quite ill, and may not have the means due to illness to get the required finance next year if they don’t get better (possibly no income).

We are thinking it may be wise to resell this well prior to the settlement in case the illhealth continues and we find ourselves not able to finance the settlement and lose the $62k deposit (as the contract stands thats what will happen if we default on settlement).

What are the options regarding a ‘flip’ in this situation (if thats what its called)?

We don’t want to rush a sale as it will increase in value (already units of the same design in the same block have sold for >$20k more 3 mths after we signed our contract) and we’d like to make as much profit as possible, but we don’t want to find ourselves losing the deposit by leaving it too late due to greed.

Any suggestions regarding timing, technicalities, stamp duty etc.
I know people ‘flip’ properties but can this be done in our situation off the plan?