If You’re Thinking Of Buying An Off The Plan Townhouse In Melbourne’s South East, Here’s What You Need To Know
If you want to live in the most liveable city in the world, but don’t want the fast-paced, inner city lifestyle, then consider an off the plan townhouse in South East Melbourne.
The south east suburbs of Melbourne are growing in popularity as people want more space and privacy than the inner city allows, but still want to be close enough to have a quick commute to work.
The leafy, spacious streets of south east Melbourne are a must for professionals and families looking to buy off the plan. Townhouses especially are popular in Melbourne, as they are more affordable than a house but are more spacious than an apartment.
As prices continue to rise, they are a great option for those looking to save money, and buying off the plan gives you more time to get your finances in order before settling into your new home.
What Is An Off The Plan Property?
If you’re not familiar with the term, an “off the plan” property is one bought before the construction of the property is completed – that is, you sign into a contract with a developer and pay a deposit (usually 10%) and then you have to wait while the property is built.
There are many advantages to buying your property as this stage of development: you can have some input into where the house will go and what you want it to look like, your house might increase in value by the time you must pay for it, but you will be paying the price settled on at the time of the contract, and you have plenty of time to get organised financially before moving into your new off the plan townhouse.
Should You Buy Off The Plan?
As of 2015, Census Data shows that the value of private sector dwellings (excluding houses) has risen from $234 million in 2011 to $393 million in 2016. This is evidence of the growing market value of south east Melbourne townhouses, and prices are set to only increase. The number of building approvals for these types of properties has also increased, from 5513 in 2013 up to 8458 in 2016. For those who want to buy, now’s the time to invest.
There’s plenty of things to consider when buying off the plan: namely, your financial situation, how long you’re willing to wait, and how much input you want in the development process.
Off the plan townhouses in south east Melbourne are a popular choice among today’s families and professionals as market prices continue to increase; by purchasing at the current market value, you could be locking in a townhouse at today’s prices, and when it’s finished, you will be paying that same price, regardless of if the value of the house has increased.
The reason this perk exists is because developers want you to lock in a property so that they can secure the project and know they will have a buyer once the property is finished. It’s a great way to stay ahead of growing market prices in south east Melbourne.
Time To Save
If you’re not ready to pay for a finished property and still need time to save money, then buying off the plan is a great option. After paying for the deposit, you don’t need to worry about starting mortgage payments until the townhouse is completed.
While you wait for your new townhouse to be built, you could be earning and saving more so that when it is time to pay off the remaining costs of your property, you won’t need such a large loan and will have lower monthly repayments later on.
You Can Have Your Say
When you enter into a contract to buy an off the plan property, you are still in the pre-development and design stages, which means that you can have you say while the plans are still being drawn up.
You can choose fixtures and finishes (but make sure to check your contract to see how much leeway the developer has to change your decisions later on to avoid disappointment); if you get in early enough, you can have the best pick of locations and townhouse designs, but the level of customisation depends on the developer and your contract.
Make sure to stay up to date with the construction process and have your contract looked over by a legal professional if you are still unsure about any fine print.
Am I Eligible For Stamp Duty When I Buy Off The Plan?
You might be eligible for stamp duty concessions when you buy an off the plan townhouse in south east Melbourne; For more information, see the REIV webpage.
Click the following link to use the convenient calculator from the State Revenue of Victoria website to calculate your stamp duty.
Why You Should Buy A New Townhouse In South East Melbourne
Are you considering where to buy? Here are a few great reasons why you should buy a new townhouse in South East Melbourne.
According to the EIU (Economic Intelligence Unit), Melbourne has been ranked the most liveable city in the world for seven years in a row, and not for nothing.
Melbourne has a low crime rate, great healthcare and education systems, and a wealth of culture to be enjoyed. Melbourne’s top spot beat out famous cities like New York, Vienna, Paris, Toronto, and Melbourne’s south east is a popular area for those wanting a little less noise and more greenery in their scenery.
The south east region encompasses 10 districts: Bayside, Cardinia, Casey, Greater Dandenong, Frankston, Glen Eira, Kingston, Monash, Mornington Peninsula, and Stonnington. According to ABS statistics from 2011, the area has a population of 751,032 with a median age of 35.2 years of age, slightly younger than the average Australian, who is 37.4 years old. It’s a great area for young people, especially students, who have several universities and schools to choose from.
The population density has been increasing yearly, with 356.2 people per square kilometre in 2011 versus 390.9 people per square kilometre in 2015. This shows the growing popularity of south east Melbourne, and buying a townhouse is a great way to save space and money in this area if you’re thinking of buying.
Over half (52.6%) of the population have post school qualifications, and the most common professions are Professionals (17.5%), Technical and Trade workers (15.6%), Clerical and Admin workers (15.3%), and 11.1% labourers.
The majority of households are family households, with 77.9% of households identifying as such.
South east Melbourne is a diverse and multicultural area, with 38.2% of people speaking a language other than English at home, and 44.8% of the population being born overseas; the most popular areas were 9.5% from Southern and Central Asia, 7.4% from South east Asia, and 6.2% coming from Southern and Eastern Europe.
Transport and Roads
Public transport in south east Melbourne makes it easy and painless to get around, especially if you want to travel into the CBD regularly.
There are regular trains, trams, and buses servicing the south east. For more information, check the Public Transport Victoria Journey Planner here.
For the environmentally conscious or those looking to stay healthy, bike-riding is a popular method of transport for Melburnians, and there are plenty of bike trails and paths for cyclists in the area. For a list of bicycle and walking routes, check Vic Roads.
Melbourne has a high focus on safety, and the “Share Our Streets” campaign promotes courtesy and safety on their streets to all road users, including pedestrians and cyclists.
South east Schools
For those seeking early child care, kindergarten, or prep, there are so many options to choose from: check out The Australian Child Care Index to find a comprehensive list of all child care centres in south east Melbourne.
As some schools require you to live in certain zones to be able to attend, the areas around certain schools can be quite competitive, so make sure to do your research on any schools you want to enrol your child in to make sure you qualify. If you want to live in any of these zones, consider buying a townhouse off the plan in south east Melbourne – you’ll have more time to prepare your family while the house is built, and you will be in the perfect position for schools later on.
To compare and contrast different schools in Melbourne’s south east, see Melbourne Schools to narrow down your search options depending on the education level and type of school you’re looking for.
Primary schools in the area include Albany Rise Primary School, Aspendale Gardens Primary School, Beaumaris North Primary School, Christ Our Holy Redeemer School, Caulfield South Primary School, Huntingdale Primary School, and many, many more.
There are plenty of high schools to choose from as well, including Dandenong High School, Ashwood college, Caulfield Grammar School, Haileybury Secondary School, Lauriston Girls School, St Kevin’s College, and plenty more. To see more, check out Melbourne Schools.
Shopping and Entertainment
Westfield Fountain Gate is a popular store for those living in the south east region who want the latest in fashion, lifestyle, and entertainment shopping options.
For market-goers, the South Melbourne Market has been a staple since 1867 for those wanting to eat, drink, and shop locally produced goods. There are also live music events and entertainment. Read more about the markets here.
According to The Herald Sun, the “best brunch spots in Melbourne’s south east” include Left Field, Oasis Bakery, Cote Terra, The Ambrosiary, Little Collins, and South Society.
Popular restaurants in the south east region include the Prahan Hotel, Arda Turkish Cuisine, Sette Bello, The Kingston Hotel, and O MY.
Parks and Recreation
South east Melbourne is known for its leafy streets and pleasant parks, where you can go out with the family, walk the dog, cycle, or just relax among nature. Search the list of great playgrounds in the area here.
The beaches in south east Melbourne are popular spots, and the main bayside beaches are along the south-eastern suburbs that line Port Phillip Bay. They are great places to go for a swim, walk, picnic, or just a family day out. There are lots of rock pools to explore and off-leash dog parks. Popular spots include St Kilda Beach, Elwood Beach, Brighton Beach, and Half Moon Bay.
If you want a gym nearby, you have plenty to choose from in Melbourne’s south east; popular fitness centres like Aliento, Re-Creation Health Clubs, Fernwood Fitness, Jetts, Zumba, Boxing Dandenong, and the Melbourne Sports and Aquatic Centre in Albert Park, which has aquatics, stadiums, and children’s programs; the MSAC (Melbourne Sports and Aquatic Centre) has hosted over 40 international events.
Other Great Features of South east Melbourne
Melbourne’s south east region has a variety of libraries spread throughout the suburbs, like the City of Kingston’s Dingley and Clarinda Libraries, who even deliver library materials to those who are unable to independently visit their local library.
Hospitals in the area include the South eastern Private Hospital, Dandenong Hospital, and the Waverley Private Hospital.
For pet owners, have peace of mind knowing the South eastern Animal Hospital is nearby in case of emergency.
Melbourne’s south east is a great place to invest in, especially for families and professionals. Think about buying off the plan; you could save money, accumulate value on your property, and create a home all your own – all while living in the best city in the world.
Want To Know More?
We know it can be confusing, especially if it’s your first time buying a home or if you’re unfamiliar with buying off the plan; if you still have questions and want to talk to an industry professional, call Oak Laurel Real Estate or sign up for a newsletter to find out more about off the plan townhouses in the Melbourne south east area.
Browse our website to read more about off the plan properties or find out more about buying off the plan townhouses in other Melbourne suburbs. You can also check out this info about buying a townhouse in these specific South East Melbourne suburbs like Box Hill, Mt Waverley or Burwood East. These are some of the best locations to buy a townhouse.
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