Whether you’re interested in jumpstarting your investment portfolio, entering the housing market for the first time, or expanding an existing portfolio, every purchaser wants to be sure they’re getting great value for money and a positive return on their investment, according to Leonard Teplin, director of Marshall White Projects.
While there are many factors that can affect a property’s long-term growth, Teplin shared the following three strategies to ensure a more positive outcome for those interested in buying off-the-plan.
1. Select a great location
The importance of selecting a great location that would appeal to buyers and renters alike cannot be stressed enough.
“It’s no secret properties in inner-city areas will always be in high demand, but there are other factors that can turn a good location into a sound investment,” Teplin said. “Proximity to public transport is essential; according to 2016 Census data, close to a million people (870,000) use public transport daily as their only method of travel to work. With increasing traffic congestion, this number is set to rise significantly in the coming years.”
A high WalkScore will also add value to a property, and Teplin advises buyers to look for buildings that are close to schools, restaurants, bars, and parks as these will always be in high demand.
“School zones can also have a major impact on your investment, with homes located within the zones of popular schools in blue-chip suburbs like Balwyn High or Glen Waverley Secondary College, usually attracting a significant premium,” Teplin added.
2. Add inclusions and amenities
Due to the high population density in Australia’s largest cities and affordability constraints, apartments—including off-the-plan apartments—will become more appealing to different buyer demographics. As a result, apartment inclusions and amenities that were once considered luxurious are fast becoming standard.
“This means that apartments that don’t include these now typical features when you buy them, will quickly depreciate in value as newer, more well-appointed projects are released to the market,” Teplin said.
“To prevent your home from becoming outdated, look for inclusions that improve its comfort and liveability. These include ample storage space in bedrooms and kitchens, in-built heating and cooling, a separate laundry, island benches and stone bench tops, and the option of a second car space for a two bedroom purchase.”
3. Customise an off-the-plan apartment
“One of the many benefits of buying off-the-plan is that nothing is set in stone. If you find a property you like but doesn’t quite meet your tastes and demands, don’t be afraid to ask the developer for amendments,” Teplin said.
Apartment amalgamations are becoming increasingly common, with purchasers buying two or more apartments next to each other to create one large apartment. The floorplan is then customised to their preference.
“This creates a more unique offering that could potentially increase in value ahead of a multitude of similar apartments that are exactly the same as every other dwelling in the block.”
