How To

The ongoing and escalating pandemic lockdowns are wreaking havoc across many parts of the national economy, property in particular is facing a unique set of challenges.

Buyers face difficulties like income uncertainty, job insecurity and supply issues inflating prices in certain segments of the market, established houses in particular.

Sellers face a different set of struggles:

<ul>
	<li>Should I list?</li>
	<li>Where will I live after I&#39;ve sold?</li>
	<li>Are people looking to buy?</li>
	<li>How will I market my property while minimizing COVID-19 risks?</li>
</ul>

In spite of these issues, it&#39;s still a great time to buy especially if you know where to look and what parts of the property market retain good growth prospects during the pandemic and beyond.

[smartcode_project:default project_id=2929 project_image_fid=137897]

<h2>How are&nbsp;the 2021 lockdowns different from 2020?</h2>

Last year the government pumped up the market and potential buyers with stimulus and grants.

They tackled job instability with JobKeeper and pumped up first home buyer spending power with grants like the First Home Owner Grant. Government tackled the established market as well with&nbsp;Homebuilder, a&nbsp;grants aimed at keeping the construction and trades industries running.

Meanwhile the RBA propped up lending institutions with the&nbsp;historically low cash rate rate as well as Quantitative easing.

Last year banks were even offering&nbsp;mortgage deferral periods with a relaxing of certain home-loan restrictions and even accepting JobKeeper payments as income when considering loan applications.&nbsp;

However this time there are $750 payments available instead, not accepted by banks who are also proving reluctant when it comes to mortgage deferrals. Some are even starting to hike certain interest rate packages and tighten lending restrictions.

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<h2>What does this mean for Buyers and Sellers?</h2>

Primarily this means there is less competition, as the first home buyer market is further stifled and less&nbsp;people are eligible to borrow for an owner occupier or an investment property. A positive for buyers who still have the means.

However some of this is evened out by the lack of property on the market, as well as soaring property prices in some market segments and the market digests the recent 10%+ increase in property values.

One segment of the market that has been minimally affected is the off-the-plan and new apartment development market. As many parts of this market continue to digest the result of HomeBuyer and the previous property development grants, many developments are nearing or have reached completion.

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<h2>So how do I buy in Lockdown?</h2>

1. Display suite tours - Off the plan marketing will be no strangers to creating display suite videos due to Australia&#39;s keen international investor pool, who regularly buy apartments from overseas. If you can&#39;t get to a display suite tour, ask the agent if they have produced a video

2. Get the agent to walk you through - If they haven&#39;t got a display suite tour, ask the agent to walk you through the property. Many agents are seeing huge success from interstate parties buying property sight unseen, having walked through the property a number of times over a video call

3. Ask the right questions - When will a display be open, has COVID put a stop to construction and changed the timeline

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<h2>Where are my buying opportunities?</h2>

Property investment is a national game. There are different property markets all over the country. As long as a place has a decent population, tight rental vacancy rate and diverse economy, the prospects for long term capital growth are good. The key is to get a property for below market value and therefore make some money on the way in, as well as boosting your rental yield in the process.

The more affordable brackets of the property market are likely to offer up the best opportunities as there will be more income uncertainty for those who would like to buy owner-occupier properties there. Because of this, there should also be healthy demand from renters.

<h2>Under $500,000</h2>

[smartcode_project:default project_id=5559 project_image_fid=88241]

Offering a collection of one, two and three-bedroom residences, Ryrie Home is set to deliver 109 apartments in the heart of Geelong&rsquo;s arts precinct.

More than half have already sold and&nbsp;construction is now underway.

[smartcode_project:default project_id=22308 project_image_fid=75052]

Residents at Blue Earth Group&#39;s latest apartment development, Ivanhoe Gardens benefit from more than just the suburb&#39;s inherent amenity.

The development, built across two stages by leading builder Hamilton Marino to designs by CHT Architects, has 13 different entertainment zones. There is over 2,000 sqm of dedicated amenity space.

[smartcode_project:default project_id=29048 project_image_fid=151675]

Located in close proximity to Moorabbin train station and wonderful local community facilities, Omnia is the latest development by Shenfield Property.

Offering&nbsp;an exceptional selection of 40 residences in one, two and three-bedroom configurations, the development features park frontage, energy-efficient design and north-facing aspects.

<h2>$500,001&nbsp;- $1,000,000</h2>

[smartcode_project:default project_id=100675 project_image_fid=167528]

Located in the heart of Box Hill, Spring Street is the latest Melbourne development delivered by Orion International Group.

Set over 29 levels, the tower is set to include 312 one, two and three-bedroom apartments within a five-minute walk from Box Hill Central.

[smartcode_project:default project_id=5328 project_image_fid=155345]

Rise is the final release of Caydon&rsquo;s Mason Square precinct, located just 6km from the CBD and walking distance to the bustling Puckle Street.

The 29-level Fender Katsalidis-designed development is made up of two apartment types; Residences and Skyhomes. Located on Levels two to 21, Residence apartments are a mix of one, two and three bedrooms.&nbsp;

[smartcode_project:default project_id=29856 project_image_fid=156313]

Set on the Yarra River, Riverbank &ndash; The Park House is located near the Yarra Trail, Boat House and Tea Garden and Melbourne&rsquo;s best open-access golf course, Yarra Bend, around the corner.

The nine-level building has been designed by SJB Architects and is finished with interiors by Sue Carr at Carr Design Group. It is one of two buildings in the Riverbank development.

<h2>Over $1,000,000</h2>

[smartcode_project:default project_id=89720 project_image_fid=147504]

ID_Land are the team behind Port Lane,&nbsp;situated right in the heart of Port Melbourne.

Award-winning architects Rothelowman worked in lockstep with interior designers Hecker Guthrie and landscape consultants Tract to create a development that is authentic and distinctive, all while priced lower than Port Melbourne&#39;s median.

[smartcode_project:default project_id=102256 project_image_fid=163755]

Piper Townhomes is the latest release in AVJenning&#39;s Waterline Place masterplan in the Melbourne bayside suburb of Williamstown.&nbsp;

Located on Nelson Place, Piper is one of the earliest releases and is just one part of the 500+ residences planned, so keep an eye out for further releases

[smartcode_project:default project_id=5806 project_image_fid=168934]

The Grounds is comprised of an exclusive collection of three apartment buildings, each architecturally designed to respond to their own address; Wilfred, Wamba and The Boulevard.

There is also the Oak Terraces, located off Cedric Street, offering a limited collection of townhomes.

Urban's guide to buying property in a lockdown

jordan_55689

How to buy property in lockdown

With so much choice, searching for property can be a long and arduous process for some.

They can consume the whole of a Saturday, driving around properties, cramming through the door and spending five minutes in the property, maybe one minute with the agent in the company of others, before having to make the decision whether you want to buy.

Purchasing an apartment off the plan&nbsp;offers a different approach to property buying, through a more hands on and personable approach at the developers display suite of one of the apartments in the building.

Display suites give prospective buyers an insight as to how their apartment will look when construction is completed.

There are very different questions to ask when talking to an agent about an off the plan property purchase compared to an established property. Urban has wrapped up the top questions to ask when buying an off the plan apartment.

1. Who built the display, and will they be the same builder who will construct the development?

When buying any home, build quality is an important consideration.

The display suites are created to give prospective buyers an insights in to exactly what their apartment will look like on completion.&nbsp;

<a href="https://www.urban.com.au/developments/melbourne-vic?source_news_article_id=101649&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_melbournecbd_0.jpg" width="1200" /></a>

Wiser developers appoint the builder before creating the display suite and get&nbsp;the builder to construct the space which gives buyers further peace of mind when it comes to signing on the dotted line.

Knowing the builder this early one as well helps as then you can check the builder&#39;s track record of developments within the area, or even within the state. Go and visit some of the former developments, and see how close the completed build is compared to the renders which are usually available online.

2. Any developer incentives or stamp duty savings for the apartment I&#39;m looking at buying?

One of the biggest questions - how much money can I be saving?

Agents and developers are in the best position to highlight current government incentives which could help you shave thousands off your apartment purchase.&nbsp;

There may also be limited-time developer incentives if you buy the apartment before a certain date.

3. Is there a sunset clause in the contract? And when was the last time the developer enforced it?

A sunset clause is one of the most talked about contract stipulations&nbsp;in off the plan property.

Essentially, in the contract a developer will put&nbsp;a date on completion, which usually is well past the date the developers actually think&nbsp;construction will complete.

That&#39;s because if construction isn&#39;t completed before the date, the buyer, or the developer, have the legal right to pull out of the deal, with the buyer receiving their full deposit back.

The developer doesn&#39;t want to run over this date, in case the market dropped during construction and buyers want to pull out because their apartment is now worth less than when they paid.

On the flip side, and there have been occasions when this has happened which is why buyers need to be careful,&nbsp;developers can, and&nbsp;have, purposefully ran over the construction date so they can claim the apartment back. This can be due to price rises over the same period.

The developer would have the right to take the apartment back and then sell the apartment for a higher price.

<a href="https://www.urban.com.au/developments/southbank-vic?source_news_article_id=101649&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_southbank.jpg" width="1200" /></a>

4. What are the strata fees, and are they fixed?

Apart from the mortgage on the apartment, strata fees are one of the biggest ongoing fees for apartment owners.

It is important to know when going in to buying an apartment what the strata fees are, and more importantly whether they are fixed or whether there are plans for them to fluctuate.

The good news for off the plan apartments buyers, compared to those buying established apartments, is that the funds in the strata kitty, generally, won&#39;t have to be used to fix issues in the building given it will have only recently have been built and will be covered by a number of insurances.

Those buying apartments in buildings that may be 40 or 50 years old are likely to see the strata fund spent on maintaining and updating the building.

5. Who have been the predominant buyers in the apartment?

If you are intending on living in the apartment you buy and you&nbsp;want to live in the same development as people&nbsp;like you, whether a young professional, down-sizer or family, ask how many apartments have sold and to which demographic.

If there have been a number of investor purchasers in the development, ask how many and why the agent thinks this is the case.

At this point it will also be worth asking what the forecasted rental yield and rental income per week estimate they are quoting. Plans might change during construction of the development and the apartment may become an investment down the line.

<a href="https://www.urban.com.au/developments/docklands-vic?source_news_article_id=101649&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_docklands.jpg" width="1200" /></a>

6. Can I upgrade&nbsp;my apartment?

Depending on how far out the developer is from construction, many developers are open to buyers customising their apartments.

Generally there might not be whole sale changes which are wanted to be made by a buyer. Developers who have a solid pipeline of projects tend to know what they&#39;re doing when positioning bedrooms and bathrooms etc.

It might be that you&#39;d rather the built in kitchen appliances located elsewhere in the kitchen as to what has been mocked up in the display suite.

The question is also worth asking because some developers offer extra upgrade packages which could set your apartment from the rest. Think fixed outdoor barbecue kitchens, fireplaces, built-in study nooks or an upgrade in kitchen appliances.

There&#39;s of course the potential to buy neighbouring apartments and amalgamate before they are constructed as two apartments. The amalgamation, despite costing more than just a single&nbsp;apartment, will likely become bigger than that of any of the other&nbsp;apartments in the development.

Display suites give prospective buyers an insight as to how their apartment will look when construction is completed.

Joel Robinson

What an off the plan buyer needs to ask when visiting a display suite

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Buying a new apartment off the plan is increasingly popular, but there can be pitfalls if individuals fail to do the necessary research on the property developer.
Background checking a developer doesn’t mean becoming Sherlock Holmes and sleuthing around, but it does require a potential purchaser to ask questions and take an interest in a developer’s history.
The best place to start is online by looking at property blogs and newspaper articles. A quick search of the developer’s name should yield results. Are there any court actions against a developer? Bad feedback on forums should ring alarm bells.
CBRE director of residential development Matthew Ramsay says the other key step is to research a developer on their website and see what other projects the company has developed.
“You can go out and see the display suite and see the quality of the actual project, or even older things they’ve built, to see the quality of the finishes,” says Ramsay.
Ramsay says there are two types of developers, tier one and tier two.
“There’s the developer who will employ a third party builder and it’s important to know who that third party builder is. It needs to be someone who has a signification in the market and someone who has done residential construction before,” says Ramsay.
“If a builder is known as a tier one or a tier two builder, then they’re known as a good quality builder in the market place.”
If an individual is going through a buyer’s agent, the agency will generally obtain information through their agent contacts in the market and will know the quality of the product the developer provides through past experience.
Property Searchers managing partner Scott McGeever says it is important to look at the facilities offered in the complex, as they can be big-ticket costs down the track and significantly add to strata expenses.
McGeever says to look at the type and quality of the construction and the level of fittings and fixtures that are used in the complex and well as the interior of the property itself.
“If they are cheap and nasty, they tend not to age well and look tatty after a short period and that will effect re-sale,” says McGeever.
Most new development projects have a mandatory seven-year structural warranty with an insurer and Ramsay says buyers do have rights in their contract of sale if things were to go askew.
“In most, if not all contracts of sale, there is a deadline date in which the developer must have the apartment completed and hand it over to the buyer,” says Ramsay.
“If the developer misses that deadline date, the buyer then has the right to refuse the contract and the deposit is returned.
“If the apartment layout changes or there’s significant changes to the apartment, the buyer also has the right to refuse the contract.”
It’s also important to have the contract of sale read by a solicitor.
With the right research done into the developer, the architect and the contract details, buying off the plan does not need to be a risky property investment.
 
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ntrotman-Et3xWpamVh

How to: Background check a developer

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Off the plan properties appear attractive to some buyers as only a 10% deposit is required up front, leaving a timeframe of 12 to 18 months to get the necessary finance in place.
Off the plan purchasers are entitled to borrow the same amount as other forms of lending – up to 95% of the purchase price and capitalised lenders mortgage insurance (LMI) – but will need to commit to the purchase without having an unconditional approval from the bank.
Buyers cannot apply for a mortgage if settlement is over 18 months away but most lenders issue a pre-approval, and once settlement comes, it can be reassessed.
Multifocus mortgage broker Philippe Branch says generally lenders require a valuer to go on site and visit the premises, which is only possible about four to six weeks before settlement.
“An application can be lodged up to six months in advance with some lenders but the approval is subject to valuation,” Branch says.
“Some rare lenders will offer full approval with an off the plan valuation, without going on site up to 17 months before settlement. However, they will do a physical valuation before settlement to confirm the first valuation.”
Branch advises that purchasers stick to borrowing 90% of the purchase price plus capitalised LMI as a maximum, as LMI can become expensive at 95%.
“LMI can be over 4% of the value of the loan and mortgage insurers become really nervous of mortgages over 90%, applications need to be strong,” says Branch.
Branch says there are hidden costs to be aware of in buying an off the plan property, including not only a lawyer, but also blinds and curtains.
“Lawyers costs are typically more expensive as off the plan contracts are usually not standard contracts,” he says.
“So whereas a typical conveyancing would be $1500 to $2000, an off the plan would probably be $2000 to $3000.
“Also, make sure that blinds and curtains are included in the contract otherwise it is an extra cost at settlement.”
The repayment schedule of an off the plan purchase does not differ from other forms of lending and can be paid as principal and interest over 30 years or interest only over 30 years, with a five to 15 years interest-only period.
If the developer happens to go bust during development, the purchaser does not lose their 10% deposit.
“Most off the plan deposits will go into a lawyer’s trust account and is not available to the developer,” says Branch.
“If the developer goes bust, then the deposit and accrued interest will be returned to the buyer.”
Branch says buyers sometimes give a 10% deposit or more to the developer directly, who in return promises huge interest, typically 15% per annum.
“Schemes like this gave off the plan a bad name in the past. If the developer goes bust, the investor has lost the deposit,” says Branch.
First home buyers are entitled to state grants when buying or building a new home and buyers in New South Wales are entitled to a New Home Grant, which equates to $15,000 for off-the-plan homes, dropping to $10,000 in 2016.
The list of grants available in each state can be found on government websites.
Buying off the plan comes with pros and cons like any property purchase, but it’s important to keep in mind that a pre-approval valuation may be less or more than the final valuation, ultimately altering the percentage of the amount borrowed.
{rsform 49}
 
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How to: Organise finance for a new build

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Like a brand new car, new apartments and contents depreciate in value almost immediately but many investors are not aware of the depreciation benefits they are entitled to claim.
The Australian Tax Office enables investors to cover part of the purchase price by allowing them to claim depreciation on certain items like fittings and fixtures at the end of every financial year.
Although there is no percentage that fits all off the plan purchasers, Matusik Property Insights director Michael Matusik says up to 60% of the built cost of a new apartment can be tax-deductible over time.
Purchasers of off the plan apartments can take the contract of sale to a quantity surveyor to have a depreciation schedule put together, as the contract will detail inclusions such as price, size of the unit and size of the building.
A tax depreciation company can also inspect a property to determine the current value of every item and will then calculate how much value each of those items will lose every year for up to 40 years.
However, Multifocus Properties and Finance chief executive officer Philippe Brach says to get a definite schedule that an accountant can use, the property must be settled as the settlement acts as the starting date for the depreciation entitlement.
The depreciation report is submitted at the end of every financial year and is allowed to be back dated by up to two years.
BMT Quantity Surveyors director <a href="/expert-insights/finance/24589-investors-attracted-to-301142-park-street-south-melbournes-depreciation-tax-windfall-" target="_blank">Brad Beer says on average investors can claim between $5,000 and $10,000</a> as a first full-year deduction.
Brach says for the first few years, depreciation will fall away rapidly but is largely compensated by rising rent revenue in keeping the cash flow constant.
“After about 10 years, depreciation will stop declining but rent will still keep rising, therefore the cash flow starts increasing,” says Brach.
Property investor <a href="/expert-insights/finance/16155-the-benefits-of-depreciation-or-how-wear-and-tear-can-be-to-your-advantage-cameron-mcevoy" target="_blank">Cameron McEvoy</a> says the amount an investor can claim is always much higher in the first few years.
“It goes without saying that the figure for say year three, will be much higher than year 27.
“This is due to the gradual degrading value of items.
“More often that not, properties that are one to five years old have the most depreciable potential,” says McEvoy.
Brach advises that when looking at potential investment properties, fittings and fixtures should be taken into consideration when short-listing apartments as they will give high depreciation in the early years.
Off the plan buyers should be able to obtain a depreciation schedule from the developer free of charge to help them work out their numbers properly but if one is not available, a report can be constructed for around $300 to $1,000 through a depreciation specialist.
“Without a schedule, your cash flow may be way out of reality and you investment decision will be wrong,” says Brach.
The one-off report fee is also tax deductible.
{rsform 49}
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How to: Check your depreciation entitlements

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Planning how to rent out an off the plan apartment is similar, if not the same, to other forms of property investment strategy, however some developers may offer a rental guarantee on the new purchase.
Developers generally offer a rental guarantee for the first year or two, however many property professionals warn against buying into a development that offers a rental guarantee.
iProperty Plan director Mark Armstrong says by accepting a guaranteed rent level, investors are insulated from market forces.
“As newer properties come on to the market and tenants have a wider choice of places to live, the market rent for a property could fall,” says Armstrong.
Market analyst <a href="https://www.urban.com.au/guides">Catherine Cashmore</a> says the rental guarantee is always factored into the sale price of the apartment.
Cashmore says rental guarantees can be between 5% to 7%. If an investment has a gross return of 6% and the developer guarantees $300 a week rent, the purchase price would be $260,000.
But if the market rent is in fact $250 a week, the property is really worth $218,000, resulting in investors paying 19.2% over the market value.
“Once the guarantee expires, the unit’s yield will revert back to market forces,” says Cashmore.
Armstrong says once the guarantee expires, investors will need to have sufficient cashflow to hold the property during periods when the property is not tenanted.
Property 1 real estate agent Garth Rothwell says rental guarantees are good for overcoming fear of loss due to a vacancy period but in reality, all rents are guaranteed.
“I guarantee there will be people willing to rent a unit, it just comes down to how much rent they are willing to pay.
“Guarantees that are offered by the developer and are above market value are bound to fail, as proven in the past, as they are unsustainable over the medium to long term.
“Rent guarantees based on market value for a period of one to three years can be beneficial for investors to overcome the fear factor and help the investor with cash flow in the initial years of the purchase,” says Rothwell.
“Ultimately it comes down to how the rent guarantee is funded.”
Off the plan apartments can be advertised for rent prior to settlement but Rothwell says the investor will require the developer’s permission to advertise early, as the developer will have to authorise access to conduct inspections.
“If the unit is leased prior to settlement, the developer is entitled to the rent collected prior to the settlement date.
“If a guarantee is in place, the developer will already have this process in place,” says Rothwell.
For investors wanting to rent out their new apartment, Rothwell advises to price the unit at market value, not emotional value.
“Investors should be prepared to trade off $10 to $15 per week in rent to get a better tenant sooner, or alternatively a tenant with a small pet may pay more.
“The investor needs to identify the type of tenant they wish to attract, familiarise themselves with relevant facts regarding pets, body corporate rules and on site management,” says Rothwell.
Rothwell advises that a pre-purchase/settlement inspection is organised from a licensed building inspector and that a detailed initial inspection report is completed.
“Complete all guarantees for stoves, ovens, dishwashers and air conditioners and ensure a landlord’s insurance policy is in place to cover loss of rent due to malicious damage and a basic contents policy to cover any dispute about building or contents,” says Rothwell.
As with any property investment, research is the key to ensure the numbers add up and that all the correct measures are taken to safeguard investors and their property.
{rsform 49}
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How to: Rent out an off the plan apartment

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Deciding on finishings and fixtures in an off the plan apartment design is an important step, as the products you choose will determine how your property ages.
The choice of finishings and fixtures may also attract different types of tenants as some tenants may be prepared to pay more for higher quality touches, but the upkeep and maintenance needs to be considered, as they do depreciate with time.
Decisions to make include floor coverings, window dressings, wall tiles, paint colour, taps, door handles, light switches, light shades, kitchen appliances, sinks and more.
“Just like a good wine, you want your property to age well,” says <a href="/expert-insights/buying/18398-tuesday-observer-the-four-fs-of-residential-developments-michael-matusik">Matusik Property Insights director Michael Matusik</a>.
“The trend for finishes is simple: modern, spacious designs that can stand the test of time, but are also welcoming, comfortable and feel like home,” Matusik says.
Matusik says when choosing floor covers, the trend is for longevity.
“Carpets are generally darker and limited to bedrooms. The most durable living area floor is a tiled one; gloss or matte.
“For depreciation purposes, carpet, timber floorboards and tiles are each deemed to have an effective life. Carpet with 10 years, timber floorboards with 15 years and tiles with 40 years.
“A $2000 outlay on floor coverings, for example, would result in the following depreciation benefits in the first year: carpet $400, timber floorboards $267 and tiles $50.
“Armed with this sort of knowledge, an investor might find it financially viable to upgrade a level of finish from say, low to medium or medium to high,” Matusik says.
Matusik says when it comes to kitchen appliances; quality and function are the way to go and it’s the little details that tick the box these days.
“Think of a fridge dispensing ice and water, a bigger oven, a wider cooktop, or a built-in coffee machine. Negotiate just one ‘wow’ factor into your kitchen and tenants will love you,” Matusik says.
Matusik says another quality trend is soft-close drawers and that energy efficient light fittings should be considered.
“Beware of glossy leaflets with annotations along the lines of ‘artist impression’ and ‘subject to change or availability’.”
“Ask too, whether the construction will merely meet Australian standards. These standards are, in the main, inadequate for the realities of modern urban living and in particular, for those residing in large apartment complexes. You are better off paying for higher than the prescribed building standard,” Matusik says.
The choice of fittings and fixtures could also affect your property’s resale, according to Property Searchers managing partner Scott McGeever.
“Consider the type and quality of construction and the level of fittings and fixtures that are used in the complex, as well as the interior of the property itself.
“If they are cheap and nasty, they tend to not age well and look tatty after a short time period and that will affect re-sale.
“Finished quality of fixtures and fittings can also vary to what they looked like on the sample board. What might appear good quality in a display might have been poorly executed/installed when being built,” McGeever says.
When choosing fittings, fixtures and finishings, opt for quality and function and also longevity. Top of the range appliances may be OK for owner-occupiers but will not always pay off for investors and depreciation benefits.
Off the plan buyers should also be sure to have a schedule of inclusions of all fittings and fixtures, on the sale contract.
{rsform 49} 
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