STAY UP TO DATE WITH REAL ESTATE
Since the State Government released its Directions 2031 and Beyond planning policy in 2010, local governments have grappled with planning their cities and towns in a manner that emphasises infill development rather than urban sprawl.
This is no easy task given our proclivity for a backyard of our own, but infill is an integral part of WA’s future and must progress.
There remains masses of underused land in and around the metropolitan area that make ideal higher density infill sites, such as closed schools, disused road reserves, failing small-scale commercial centres, ex-industrial land and excessive recreational reserves.
Infill development, particularly in and around the Perth CBD, is progressing more rapidly than in other places. This isn’t unusual given the growing preference for wanting to reside near Perth’s improved entertainment hubs and business sectors.
Apartment development projects give buyers the opportunity to buy a property off-the-plan.
When buying off-the-plan, it is important to be especially vigilant in ensuring the apartment you choose turns out the way you expect upon completion.
To limit any surprises, most developers will provide you with a choice of finish and display materials to sample.
As a safeguard to ensure they secure the funding necessary to start the building, developers will usually require a certain number of apartments within the complex are purchased off-the-plan before starting development.
A buyer’s deposit and signed contract gives the financier the necessary comfort to lend the developer the money they need to complete the project. If they fail to meet this quota, the development may not go ahead.
The sale contracts for these off-the-plan purchases are substantial, prepared by lawyers on behalf of the developer and are relatively complex. It is essential buyers, especially inexperienced first-homebuyers, thoroughly read the contract before committing to the purchase. I also advise you to obtain independent advice if necessary, as the selling agent is normally not able to advise you in this regard.
Given the need for greater infill development to counter urban sprawl, buying an off-the-plan apartment for either investment, downsizing or first-homebuying reasons is a pretty sound idea. If apartment living appeals to you, speak with a REIWA agent about what is available in your area.