Buy new townhouses in Melbourne, Victoria | Real Estate For Sale

Buying off the plan is like paying the baker before they bake the cake so that you get to pick the type of cake they make. It is a popular choice for those buying property; especially in the bustling, ever-growing city of Melbourne, where buyers must make sure to keep up with the pace.

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What Does “Off the Plan” Mean?

Buying off the plan involves entering into a contract before the building has finished being constructed. It means committing to an unbuilt property with only plans or blueprints to go on.

What Does “Off the Plan” Mean?

Buying off the plan involves entering into a contract before the building has finished being constructed. It means committing to an unbuilt property with only plans or blueprints to go on.

In buying the property at the earlier stage of the construction process, you could potentially end up owning a property that is worth a lot more by the time of completion. The process includes the seller giving you a disclosure statement type of contract. It is always important to make sure the contract fully covers all potential problems.

What is off the plan property?

Off the plan property is a property that is yet to be built. You can buy these types of properties before construction has even started. There is no physical property, instead, you buy based on the plan of the property. Typically, you will get information about the features of the property and what the property will be once it is completed such as the numbers of bedrooms, bathrooms, etc…, their sizes, the size of the block and the layout (the floor plans). You may be able to get images of what the property will look like (artists impression based on the characteristics) and schedule of finishes. The contract of sale will contain all of the relevant information about the property. You can buy apartments, townhouses, and houses off the plan.

Why buy off the plan property?

There are some great benefits from purchasing an off the plan property.

  1. Obviously, when you are buying an off the plan property you are getting a new property. Everyone prefers new over old. The older the property the more likely that it will breakdown or have issues, plumbing problems are common in older properties but there are all kinds of potential problems with older properties, that requires maintenance and has a cost in both your time and money. A new property will come with the builder’s warranty so you are covered if something goes wrong.
  2. Delayed settlement. When you buy a property that is yet to be built there is substantial time between purchase and completion. This means that in a rising property market like Melbourne, it is likely that the home has increased in value between the time that you buy it and when you need to pay for it. This saves you paying mortgage payments and other costs. It can also mean that you can buy earlier, and thus potentially with a cheaper price than if you were to buy at the settlement time. Property investors that are looking to get a capital gain often love buying off the plan as return on investment can be great.

Why buy property in Melbourne?

Apart from being the capital of Australia, Melbourne has also been voted the most liveable city in the world by the Economist Intelligence Unit, for seven years in a row. With so much diversity, Melbourne caters for all lifestyles and interests.

1. Cultural Centre

For the culturally inclined, Melbourne has it all; art, literature, music, theatre, history. Melbourne is home to over 100 art galleries ranging in focus from contemporary arts to photography to impressionism.

Music in Melbourne is as diverse as it is plentiful. For music-lovers, no city is better. Independent artists can find their start here with plenty of opportunities for live gigs and festivals, and every style of music has its home in the city, from hip-hop to jazz to indie pop. For a more comprehensive list of where the music is in Melbourne, see TimeOut.

Art is an inescapable part of Melbourne living, even in the streets. The highly decorated public spaces are all part of the Melbourne lifestyle. Living in Melbourne means surrounding yourself in the iconic street art of the laneways of Melbourne.

As the capital of Victoria, Melbourne has an impressive history. Living in Melbourne is like living in a time capsule, with remnants of all that made the city what it is today. The historical Gold Rushes of the 1850s and 60s brought waves of people and prosperity to the city, turning it into the cosmopolitan hub it is today. You can still visit these old sites on authentic steam trains on the Goldfields Railway.

The old Melbourne Gaol is one of Melbourne’s oldest and most popular historical sites in the heart of the city. It is most famous for housing the infamous Ned Kelly, and candlelight walkthrough tours are available at night.

For those who want to live in Melbourne, it’s important to acknowledge the Aboriginal Heritage that runs through the city. You can educate and immerse yourself in the culture by taking a tour of the Aboriginal Heritage Walk or visiting the Koorie Heritage Trust.

2. Education

There are six TAFE institutions in Melbourne, and over 1300 schools, with choices of co-educational or single-sex schools, and a variety of public, catholic, or independent institutions. There are also a number of top-ranking tertiary institutions, such as The University of Melbourne and Monash University. Melbourne is also home to the State Library of Victoria – the oldest public library in Australia.

3. So Much To Do, So Much To See

Melbourne isn’t just for artists and historians. For families, there is never a shortage of kid-friendly fun in the city. Melbourne residents can step through the iconic smile into Luna Park or Spend time at the epic indoor Lego playground LEGOLAND®.

For more modern fun, new virtual reality studios are popping up around the city, like the VR Plus Studio or That VR Joint. Kids and adults alike can experience arcade games, movies, and simulators in virtual reality.

Geographically, Melbourne sits at the top of Port Phillip Bay. With the Great Ocean Road just south-west of the bay, weekend road trips are a must. The internationally acclaimed drive showcases the natural beauty of the region with landmarks like the Twelve Apostles.

The Queen Victoria Markets are held multiple days of the week and features food and drink, handmade goods, fresh produce, and some of the city’s best busking spots.

4. The Culinary Capital

Melbourne doesn’t lack for great places to eat and drink; for those who live there, the only problem is choosing from the variety of restaurants, pubs, bars, cafes, diners, bakeries, burger joints, and breakfast spots. What’s On Melbourne has a great list of all the best places to dine out.

With the growing rate of vegans and vegetarians in Melbourne, there are more and more choices for meat- and dairy-free meals. Check out The Urban List for the best recommendations for vegan dining in the city.

5. Sports

Sports are huge in Melbourne: soccer, cricket, AFL, netball, basketball, hockey, baseball, tennis, cycling, motor sports, even roller derby. You can get seats to the latest games at the Melbourne Cricket Grounds, the largest sporting grounds in the southern hemisphere.

6. Getting Around Is A Breeze

To get around the city, you can use the famous trams, trains, and buses with a Myki smartcard. Bike and car sharing are also sustainable alternatives. Melbourne also features a safe, 24hr Night Network with night trains, trams, and buses for those getting around in the evenings and into the later hours.

With an emphasis on safety, the TravelSmart map is a great tool for travelling around those new to living in the city. It provides all the best routes and safety tips for travellers. The most central city roads have a 40 km/hr speed limit to improve the safety of pedestrians and cyclists.

With so much to offer in the way of culture and lifestyle, Melbourne is a great place to invest in.

What Else Do I Need To Know About Melbourne?

Melbourne certainly doesn’t lack for culture or style, and continues to grow and expand as the lively, cultural heart of Australia.

By buying off the plan in the Melbourne townhouse market, you’d be securing yourself a piece of the most liveable city in the world. And with so many options, it’s hard to know where to start.

 

Why Buy My Property “Off the Plan” In Melbourne?

Melbourne townhouses are in high demand at the moment. Buying off the plan is a great way to stay ahead of the market, whether you intend to occupy the house yourself or resell it for a potential profit.

1. Market Trends

Buying off the plan has many advantages. According to a recent update on Melbourne Property Stats in July 2017, “Melbourne values have now increased year on year over the past 5 years with each of these financial years seeing a progressively faster rate value of growth.”

If the value of the home increases over time, and if you plan to resell, you will most likely be selling for a profit. It’s an attractive option if you are looking to save money. As the market price of townhouses is inclined to increase, it makes sense to buy now and watch the value of your purchased property grow while you watch the physical property be built.

2. More Time To Prepare

The time it takes to build also provides you with the time to save money, as you can pay a deposit initially and then save while the property is built. You will have the advantage of having saved more money during the building process and won’t need to take out such a big loan. This means lower monthly repayments.

What’s better, this price will reflect the market of the time of initial payment, and not at the time of completion. This is one of the most popular reasons people want to buy off-the-plan.

3. Design Input

As stated earlier, buying off the plan means committing to an unbuilt property. However, this offers you the opportunity to have your input in the design and location of the home.

In contrast, when buying a property that is already built, your choices are limited in location and design to what is already available. By getting in early, you have the power to create a home more suited to your personal property goals.

4. Builder’s Guarantee

In Australia, the law makes sure your rights are protected when buying off the plan townhouses. Builders are required to adhere to certain obligations in the building process, as detailed by Consumer Affairs Victoria on their website here.

These ‘warranties’ protect your rights as a buyer by making sure that your builder maintains the promised standards set out initially and meets expectations.

Off The Plan Townhouses for Sale Melbourne

Whether you are property investing, a first home buyer, upgrading or downsizing we are sure to have a townhouse to meet your personal needs. Get more information about the townhouse developments available including price lists, floor plan specifications, suburb profiles and more! Contact us to discuss how we might be able to help you with your property search.

It’s important to be fully informed before buying a property. Learn more about your options as a home buyer by browsing our website at your leisure.

We know it can be confusing. You have options. Call us to talk to a professional and get all the information. Too busy to call? Complete our contact form or find us on Facebook or social media.