I have recently come across an off the plan townhouse in Girraween (Oramzi rd). Its a 3B/2B with ~150 m2 area at a price point of little less than 700k. I think the demand for this suburb is fairly decent which may be due to Girraween primary school & Selective school (this wont be a criteria for everyone though) and also not much stock within this price point. Its a small builder who has recently completed a similar project (just beside the one I am speaking of) and completion is targeted for next year end. I am a FHB and my is to buy this as PPOR and later convert into IP. Looking for some suggestions if this is a good move given the current situation we are in. I wasn’t actively looking for a property hoping the market will go down but this one caught attention since its fits my budget and also better than going after a unit. Any thoughts or advise welcomed. Thanks in advance.
Free Suburb Profile report for Girraween NSW (2145) I wouldnt touch an OFF the Plan though. I would rather buy something that is already built. I research about off the plan and most people that are wiser than me thinks its a bad idea but of course this is based on my own risk profile. Yours will be totally different? Is this an Investment or PPOR? that would on its own dictate different variables to consider.
How much would an established townhouse be? What is your long term goal in terms of your property portfolio? What will lead you to making this an investment property? I wouldn't go for off the plan, but that is just me. What if life circumstances may change by then?
I wouldn’t go Off The Plan either. We were interested in such a development about 4 years ago, but never signed up. The build has only just started. Also, there is the worry that the sizes of your rooms can change by the time you move in.
Last two we went OTP - both in the same 4 townhouse complex, reputed developer, good looking plans, reasonable price for the area - and were very happy with the result. Both rented from day 1 at over 5% return Immediately capital gain of $30k on completion as one in the development resold. I understand a few on here have been burnt in the past but, if you do your due diligence then it's no different that investing in a house and land package
If it's going to be a PPOR (even for a while) and you are going to love the "no one's ever live here before me" feel, I'd say go for it At least you wear it in and get rid of any niggles before any tenant is going to call you! The Y-man
Thanks for the responses everyone. @The.Night.King I intend to live in it for at least an year so I take FHB benefits and then later rent it out. @Property Twins I haven't thought of building a property portfolio. At this point, I am thinking of entering the property market and this one fits in my budget (650k-680k). Established townhouses/villas in Girraween are in range of 650-800k depending on size.
With OTP you pay stamp duty on the total amount (first home buyers getting an exemption though. House and land package you only pay stamp duty on the land. OTP's usually have clauses in them that the dimensions can vary by upto 10%, with apartments, not sure if this is the case with townhouses.
True ... just as your would for an existing property as some are recommending. My point was about the risk of the build not living up to expectation, or they builder going bust
This development caught my attention for an investment location - https://www.realestate.com.au/property-townhouse-nsw-elermore+vale-133977430 I think the builder is the same one that built our last two otp townhouses and they did a good job
when I got my PPOR, extensive renovations has been done, the only thing has not changed is the roof, the external walls, and the window frames... wife would not touch the kitchen unless a new one is built. you will get the same new house feeling if you renovate everything.... BTW, off the plan (OTP) is off my plan (OMP)
