According to an investment property advisor, there's no doubt that we are embracing off-the-plan purchases. All you have to do is look at the sky when driving through major Australian cities to notice this. A lot of this comes down to the fact that property in Australia is under-supplied and it will be for a long time. Therefore, with land prices through the roof and scarcity of inland locations close to cities and amenities, the only way to go is up. 

Another important aspect of an investment property advisor is benefits that resonate with buyers:

1. The buying process becomes more mentally and financially feasible for many people. Typically, you only require a small deposit to the developer, with the full balance due upon completion of the property. As the property in Australia is being developed, the buyer has extra time to save up before settlement.

2. There is a chance that the value of the property in Australia you acquired will rise throughout the construction period. For instance, Sydney has experienced huge increases in the prices of off-the-plan buys in the previous 3-4 years. 

In some circumstances, customers didn't even need to put down any more money because the value had risen to the point where it wasn't required.

3. New properties in Australia have greater tax depreciation benefits. Keep in mind that this only applies if the property is an investment (or will become an investment in the future). Additionally, most states and territories offer grants or stamp duty concessions to First Home Buyers who purchase off the plan.

4. Finally, many Australians consider "new and modern solutions for a busy lifestyle" to be non-negotiable.



Now that we've discussed the benefits, it's up to you to determine whether to ahead with the purchase. For those of you who purchased off the plan, we need to look at the procedure of settlement.

Investment property advisor explains: Signing the contract and paying your deposit

A contract will be drawn up and forwarded to your solicitor once you've discovered a development you like and decided on a floor plan. 

The investment property advisor states the specification of your contract:

• What you are purchasing
• Your responsibilities 
• Obligations about the purchase and payment
• As well as the developer's responsibilities and obligations to you. 

Your solicitor will go over the contract with you to ensure you completely understand it. Before you sign, be sure you have all of your questions answered.

After you sign the contract, the developer will sign a contract that is identical to yours, and you will exchange them. Your solicitor will arrange this.

After the contracts, you need to pay a deposit.

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What you will go through while your property in Australia is being constructed?

After you've exchanged contracts and paid your deposit, you'll have additional time to save money for your new home while it's being built.

The length of the construction time varies depending on the development. Construction may take some time to begin as the developers strive to secure the ‌approvals, engage contractors, and get everything in place before they begin.



As the construction time ends, they will provide you with an expected settlement date. It's a good idea to get your finances in order at this point because it will allow you time to double-check that everything is in order and ready to go.

Take ownership of your property and settle your debts.

When the structure gets ready, you will be called to schedule a pre-settlement inspection. An investment property advisor requests you to bring your contract to the inspection. Go through each item on your inclusions list to ensure that it includes everything. Make a list of anything that is missing or broken so that the builder can fix it before settlement.

Following your pre-settlement inspection, they will issue the units a certificate of occupancy, and the building will be certified as meeting all standards. After the final certificates, they will register the development with the Office of Regulatory Services under the Units Act. 

They will inspect the development to ensure that it complies with the Unit Titles Act in the ACT (or equivalent legislation in other states). 

They will inspect the building to ensure that:

• It is according to approved designs 
• It conforms to building codes
• It fulfils habitation standards

It is entirely up to the unit title's office how long this process takes. It could take a few days or it could take several weeks.

They will include the particular settlement details in your contract. Payment will take place within two weeks of the unit's plan being registered. Your lender must provide you with unconditional approval for the complete purchase price of your new property in Australia (minus your initial deposit and any additional money you have saved). 

The deal is finalised once the funds are transferred, and the property is yours to enjoy!

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Post-Settlement: 

The builder will then correct this for you at no cost. A manufacturer's warranty protects appliances.

The first Annual General Meeting of the body corporate will be announced a few weeks after settlement. An investment property advisor strongly advises you to attend this meeting. This will allow you to have a say in how the development is managed.

They will elect an Executive Committee at this meeting. They will appoint a strata manager to assist them in looking after the development's needs.

For larger developments, they may additionally hire a facility or building manager to oversee the building's and grounds' day-to-day operations.

Being an investment property advisor, I consider my responsibility as assisting my clients in growing, protecting, and passing on their wealth through the use of the property as a vehicle. If you'd like to talk about buying an off-plan property, please contact me