NSW Advice needed - apartment purchase in schofields

Discussion in 'Where to Buy' started by Same Jones, 29th Dec, 2019.

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  1. Same Jones

    Same Jones New Member

    Joined:
    29th Dec, 2019
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    2
    Location:
    Kellyville
    Hello,

    Hoping someone can provide some advice. Complex has been underway for years and no ETA completion date can be provided. Anyone else experienced a similar situation like this, unsure of how to proceed and or where to go for assistance.
    Apartment is 279 Railway Terrace, Schofields.
     
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
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    Location:
    Melbourne
    What's the problem? Delays are usually good for several reasons - sunset clause may let you get out of the deal, gives you more time to build up a financial buffer if it comes in under value etc.

    The Y-man
     
  3. Same Jones

    Same Jones New Member

    Joined:
    29th Dec, 2019
    Posts:
    2
    Location:
    Kellyville
    Hi Y-man

    Thanks for the reply. It’s been two years delayed with no end in site. Sunset date is end of 2020, with extension till 2021.

    I’ve used my first home buyers grant so have to move into it once it is complete. As for a financial buffer, I’ve saved loads due to the delays... Which is a good thing but it’s been so long. I just want to get in it. I was first advised I would be in mid 2018... I would like to know if anyone else here has purchased or if anyone else has had a similar experience.
     
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,412
    Location:
    Melbourne

    Delays are pretty normal. Less normal is when the developers change (i.e. extend) the sunset clause on you. If the sunset was end 2020, then I'd say it was still pretty much "on time".

    Unfortunately with OTP, delays can be the least of your problems.....:(

    The Y-man
     

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