Mount Waverly Townhouses Off The Plan: A Buyer’s Guide
Are you looking to buy an off the plan townhouse in Mount Waverley VIC? If you’re thinking of living near the city but don’t want the hustle and bustle of Melbourne life, then Mount Waverley is the place to go. Mount Waverley is in Melbourne’s South Eastern suburbs. It’s a quiet alternative if you’re looking to invest in a family home with lots of space, where you’ll be in the perfect position for great schools later on.
What Is “Off the Plan” Real Estate?
Buying off the plan means committing to an unbuilt property; essentially, you enter into a contract with the developer before the building has been fully constructed.
Usually you will put down a deposit and sign a contract (but make sure the contract fully covers all potential problems; see below for examples of these issues). You will receive correspondence throughout the construction period, allowing you to stay up to date with your property’s progress.
Once the property is completed, you will have a pre-settlement inspection and finalise your finances to pay for your new home. The construction period is often useful as a time to save money and get organised before the home is ready.
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 after completion.
Why Buy “Off the Plan”?
When buying off the plan, there’s a lot to consider: what the market is like, how much time you need, where you plan on buying, how much input you want to have in the design and floor plan, and what you can afford.
1. Stay Ahead of the Competition
The competitiveness of school catchment zones in suburbs like Mount Waverley can make buying property stressful. By purchasing your property off the plan, you can sign off for a property now and still have time to catch your breath and get your finances in order while the property is being built.
Also, by getting in early, you will often secure the most sought-after properties with the best views or locations.
2. Market Trends
According to REIV (The Real Estate Institute of Victoria Ltd), “large homes in Melbourne’s bridesmaid suburbs were standout performers in the June quarter, with demand for space driving buyers further from the city”. 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.
3. More Time To Prepare
The time it takes to build also provides you with the time to save money. With time on your side, you can save 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 more popular reasons people want to buy townhouses off the plan.
4. Design Input
By investing before the property is physically created, you can have more of a say in terms of location, space, and design, especially if you have specific requirements that you won’t find in a regular home.
5. 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.
6. Stamp Duty Concession
If you plan on living in your new townhouse, you are eligible for off the plan stamp duty concession. When you buy in the state of Victoria, you must pay stamp duty or land transfer duty on your property, which is calculated based on the market value of the property or the purchase price (whichever is higher).
There have been some recent changes to how stamp duty works in 2017. Off the plan stamp duty concession for contracts entered after July 1st 2017 will only apply to you if you intend to live in their property. For more information, see the REIV webpage.
How do I calculate off the plan stamp duty?
Click the link to use the handy calculator from the State Revenue of Victoria website to calculate your stamp duty.
When is stamp duty paid off the plan?
This is usually paid on or after the contract date, providing all the required criteria have been met. Click here to read more about off the plan sales concession.
Why Invest in Mount Waverly Off The Plan Property?
For The Family Lifestyle
For families and professionals, Mt Waverley has a lot to offer. According to census data for Mt Waverley in 2016, 38.8% of Mt Waverley’s 35,833 person community is made up of couples with children, followed by 24.2% of households occupied by couples without children, then 19.1% singles, and 9.8% one-parent families. This means couples with children dominate the Mt Waverly market by 14.6%.
Statistics show that the majority of residents in Mt Waverley are home owners, with 47.9% of homes owned over the 20.4% of homes that are rented and the 28.9% with a home loan mortgage.
The main occupations are professionals, clerical and administrative workers, managers, salespeople, technicians, and tradespeople. The proximity to the CBD also means less of a commute for city workers.
School Catchment Zones
If you’re looking to purchase a townhouse off the plan, look no further than Mount Waverley. The high calibre of schools in Mt Waverley make it a popular area for families with children.
The school zones dictate which schools you enrol in, depending on where you live, which means property in this suburb is in high demand. Because of this, buying off the plan is a great option – if you are planning to enrol your children in any of Mt Waverley’s schools in the future, you can secure a property now in your desired area and have time to save and prepare.
Buying off the plan in Mt Waverley ensures you can secure your place in this competitive area right now, paying the current market price. For families planning their future in the Mt Waverley area, it’s an investment opportunity not to be passed up.
The schools in Mt Waverley vary, and there’s a lot of choice. Compare schools here. For those who want to go private, private schools include Avila College, Huntingtower School, and Holy Family Primary School.
For example, Mount Waverly Secondary College includes the area from just south of the Box Hill Golf Club to just south of Monash Highway, which is not a large area and can get competitive.
If You Like Your Backyards Spacious And Your Trees Leafy
There’s plenty of places to spend a sunny Saturday morning. Mt Waverley has several parks, including Baywood park, Mayfield park and Sherwood Park. Nature features in Mount Waverley with native bushland and wetland, creeks, reserves, and reservoirs.
High Street Road reaches up to 150m above sea level; this kind of high ground is well situated for those looking to be prepared for possible rising sea level scenarios.
Being slightly further away from the city means less crowding, and more space. With a mixture of leafy, older houses and crisp, modern townhouses, the area is easy on the eyes.
So Close, Yet So Far Away
Mount Waverley is located just south east of Melbourne’s CBD, but is a mostly residential area with some commercial areas, making it a quieter option for home buyers while still being only 16 km away.
It’s painless to get around with the suburb’s easy grid layout, and public transport includes busses and the two train stations, Mount Waverly and Jordanville, that run on the Glen Waverley line.
Mount Waverley has easy access to the M1 Monash Freeway providing road access direct to Melbourne CBD and the eastern suburbs, as well as access to regional eastern Victoria such as Gippsland and Lakes Entrance.
See a Movie, Play Golf, Do Yoga
For the latest movies, head to the Pinewood Shopping Village to see a movie at the Waverley Cinema.
The Riversdale Golf Club, situated over parts of Damper Creek, is a relaxing place to spend your Sunday. For sporty types, there are football and cricket clubs: the Waverley Blues Football Club, Mt Waverley Mountain Lions Football Club, Mt Waverley Cricket Club, and Mt Waverley Catholics Cricket Club.
Mount Waverley also features multiple gymnasiums, fitness centres, and yoga studios; and, for walk-lovers, the Walking Club of Victoria.
How much of a deposit will I pay for an off the plan townhouse?
Usually the deposit for an off the plan property is approximately 10 per cent of the total price, with the remaining balance paid when the property is finished being built.
What are the potential downsides to buying off the plan?
It’s Not What You Imagined
Because of the nature of off the plan purchasing, you won’t get to see the physical property until it’s finished, when what you saw on paper isn’t what you imagined in real life. However, the increasing use of virtual imagery to show buyers their home in 3D, from all angles, reduces the risk of not getting what you imagined.
A Drop In Market Value
While the rewards of buying off the plan mean potentially having your property grow in value, you also run the risk of the opposite happening. You may find your property’s value has decreased, but you are still contracted to pay the market value price you agreed to initially. Having too much development in the area and not enough buyers can potentially see property prices increase, due to an imbalance in supply and demand. A smart way to combat this issue is to make sure you do your research on development in the area prior to locking down a contract.
You Haven’t Asked Enough Questions
When investing in property, don’t be afraid to ask for more information. Without a property to inspect, you have to get all the information through discussion with your developer. Make sure to have any contracts looked over by a legal professional for extra security.
How Can I Find Out More?
It’s important to be fully informed before buying a property.
Learn more about your options as a home buyer, or look at other townhouse properties and locations by browsing our website at your leisure.
Find out about off the plan townhouses for sale in Burwood East.
There’s more to know if you’re thinking of buying off the plan in Mt Waverly. And with so much information to process, it can be hard to know where to start. Call us to talk to a professional and get all the information. You can also find us on Facebook or social media.