Breaking down banking jargon
Australia has seen a year on year increase of 53.5% in the number of approved multi-density dwellings for development across the country (Australian Bureau of Statistics September 2015).
The boom in approved units, townhouses and apartments could be seen as a good thing for Aussie home buyers, who may benefit from increased affordability and the option to purchase off the plan.
Buying off the plan means exactly that – buying a property right off the plans, before it has even been built. You may have come across show rooms before – often located on or near the site of construction, decked out with mini versions of the building and shiny sales people ready and waiting with brochures.
While there can be benefits to buying off the plan, it’s also important to look at the considerations that come with purchasing property this way. We’ve put together some info on each to help you out.