Hi - I'm so close to buying an off the plan apartment in Carnegie Melbourne but because of this crazy amount of negativity around OTP apartments, I'm really confused. Hoping I can learn from the experience of others. The apartment is a 2 bed penthouse with massive outdoor area. I love living in Carnegie, but units and townhouses are in the range of 800-900k range which is impossible at this stage. Even saving a deposit for a unit worth 800k will take me years. So off the plan becomes an attractive option. My main concern is property valuation at the time of settlement. I wonder how drastically low can bank valuations be compared to purchase prices and also what are the options if the valuation is drastically (more than 5%) low.