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The pros and cons of buying off-the-plan in a ‘hot’ market

Article image for The pros and cons of buying off-the-plan in a ‘hot’ market

It’s no secret Queensland’s property market has been running hot with southerners moving up north in record numbers.

CEO of the Real Estate Institute of Queensland, Antonia Mercorella, said there were some things to consider when buying off-the-plan properties in a competitive market.

She said there were a few advantages, including putting your own personal touch on it and getting modern day amenities and facilities, including cinemas and gyms in the new developments.

“It means you’re buying at today’s value, you are only having to put down a deposit which can be anything from 5-10 per cent,” she told Scott Emerson.

“When we look at what the market is doing at the moment, the market keeps going up, by the time completion comes around the thing has gone up in value and you have bought it at a really good price.”

But she said there was a major pitfall.

“You can’t touch and feel it, it is quite different from buying an established property. You need to make sure you understand what you are buying.”

Press PLAY below to hear her advice on 4BC Drive

Scott Emerson
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