Looking for off-the-plan apartments in Melbourne? Here are some of the top places to look and what to consider when you’re in the market for an off-the-plan development.
What does ‘off-the-plan’ mean?
Buying an apartment or other property off-the-plan means buying it before it’s been built or while it’s being built. With an off-the-plan apartment, you sign a contract to buy the property after viewing the design and building plans but not the finished property.
Investors and speculative owner-occupiers often prefer to buy off-the-plan because it offers the potential to get a good price on a brand-new property. Ideally, the property’s value will have risen by the time the property is finished being built. There are also some potential tax benefits for investors who claim a depreciation on the value of an off-the-plan property.
Buying an off-the-plan apartment in Melbourne takes research and planning. Here’s where to start:
1. Chat to a local property agent
Speaking to an experienced local agent is a good first step, as they’ll be knowledgeable about your area and able to make recommendations that suit your budget and requirements. At Upside, our property agents partner with reputable off-the-plan Melbourne developers like Carpe Group (we also partner with Neue at Macquarie Park in Sydney), so we can give you a first look at local off-the-plan opportunities, whether you’re looking to buy as an investor or an owner-occupier.
2. Sign up for Upside Buyer Advantage
Upside Buyer Advantage is our extensive property listings database that gives you a preview of off-the-plan properties in Melbourne listed by Upside, weekly listings from all agents, and the latest market updates. Upside Buyer Advantage is a fantastic resource for buyers who want access to off-the-plan apartments in Melbourne before they hit the market. Sign-up is completely free, and gives you advance notice of new off-the-market properties as well as upcoming development projects and master plan communities in your target areas.
3. Search online for off-the-plan listings
Most property listing websites like Domain and Real Estate give you the option to search and filter your results to only include off-the-plan listings in Melbourne. Other sites such as iBuyNew are specifically designed to list off-the-plan apartments and housing, so you can search and compare off-the-plan apartments in Melbourne on the one website. And as with any property purchase, it's important to sort out your financing, growth potential, tax implications and so on before getting a contract squared away.
If you’re considering buying an off-the-plan apartment in Melbourne, get in touch with one of our agents for a no-obligation chat, or get the latest on off-the-plan developments in your area by signing up to Upside Buyer Advantage.