Residential Developments

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<p>Connecting central Melbourne with the historic Yarra waterfront, the inner-city suburb Docklands is comprised of eight distinct precincts, covering 200-hectares.</p>

<p>With its vibrant cosmopolitan culture and world-class facilities, Docklands satisfies the appetite of a variety of homebuyer types.</p>

<p>Amongst Melbourne’s laneways, the bustling CBD and nearby retail and entertainment offerings, Docklands has it all.</p>

<p>Urban takes a look at three stylish brand-new developments in this exciting area.<br>
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<p><strong>1. Melbourne Quarter, Docklands</strong><br>
Address: 628 Flinders Street, Docklands VIC 3008<br>
One-bedroom apartments from $458,000</p>

<p>[smartcode_project:default project_id=3459]</p>

<p>Offering a collection of 719 one and two-bedroom apartments with an entry price of $458,000, Lendlease’s Melbourne Quarter is the ideal new residence for first home buyers.</p>

<p>Designed by Fender Katsalidis, the project boasts a luxe lobby, concierge and exclusive access to three whole floors of resort-style amenities at Club MQ, such as a multi-use space, pool, theatrette and library.</p>

<p>The homes include contemporary fittings, elegant interiors and panoramic city, river and bay views.<br>
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<p><strong>2. Seafarers, Docklands</strong><br>
Address: 731 Flinders Street, Docklands VIC 3008<br>
One-bedroom apartments from $825,000</p>

<p>[smartcode_project:default project_id=27728]</p>

<p>Partnering with Australia’s first 1 Hotel, Riverlee’s Seafarers offers a boutique collection of 123 sublimely crafted one, two and three-bedroom residences.</p>

<p>The development heralds a new era in luxury inner-city living in Melbourne’s Yarra River, with exclusive access to luxury hotel amenities, management and services.</p>

<p>Designed by award-winning CARR, each residence is curated to maximise external views, space and natural light, with interiors including reflective surfaces, natural and concealed doors.<br>
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<p><strong>3. Voyager, Docklands</strong><br>
Address: 103 South Wharf Drive, Docklands ViC 3008<br>
One-bedroom apartments from $601,500</p>

<p>[smartcode_project:default project_id=3494]</p>

<p>Dominating the Docklands skyline with a similar romantic energy to a Manhattan hotel, Mirvac’s latest development is among Melbourne’s most chic high-rise residential towers.</p>

<p>The 43-storey building is thoughtfully designed and luxuriously appointed, boasting 315 contemporary apartments in one, two and three-bedroom configurations.</p>

<p>Voyager offers panoramic city and water views, sleek floor-to-ceiling windows and the precinct’s first-ever rooftop lifestyle space, with skydeck and bar.</p>
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With its vibrant cosmopolitan culture and world-class facilities, Docklands satisfies the appetite of a variety of homebuyer types

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3 stylish brand-new homes in Melbourne's Docklands

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<p>Blueprints are being finalised on the redesign of Maasra Apartments in Coorparoo.</p>
<p>Award-winning architectural firm HAL Architects was appointed by Maasra Apartments developer Karam Group to create the ‘house-size’ apartments.</p>
<p>HAL Architects Director Elizabeth Anderson (pictured below) said Maasra Apartments design has been in response to requests for larger spaces.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/26/HAL%20Architects%20Elizabeth%20Anderson.jpg" alt=""></p>
<p>“Karam Group has an appreciation of the importance of good design, and they wanted MaasraApartments to go that step further by enhancing Coorparoo’s transformation into a hub for boutique retail and dining,” she said.</p>
<p>Anderson said the group’s brief was to encompass Coorparoo’s history and enhance the village-like atmosphere, using a “maasra” - a Mediterranean olive press - as the theme for the building design.</p>
<p>“To express that in architectural form, we looked at the olive press and thought; this development is about authenticity, it’s about honesty and community,” Anderson added.</p>
<p>"All those ideas are entrenched in the design of Maasra Apartments, in everything from the finishes through to the layouts, from the sense of space to the large over-sized kitchens - the design is very much about liveability.</p>
<p>“And of course, materiality; the materials selected are stylish, honest and robust with a longevity tothem and a quality you can feel - beautiful stone kitchen finishes and timber veneers that express warmth and a sense of home.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/26/Maasra%20Apartments%20Type%20C%20Bedroom.jpg" alt=""></p>
<p>Anderson is one of three directors and a part owner of HAL Architects- Hayes Anderson Lynch Architects, established more than four decades ago as Kevin Hayes Architects.</p>
<p>Its other work in Brisbane includes the $65 million mixed-use boutique apartment building The Wellington in East Brisbane and the $37 million Willow residential apartments at Kangaroo Point.</p>
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Construction moves closer on $95 million Maasra Apartments in Coorparoo with new designs

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<p>Set on the banks of the Werribee River, the RiverEdge mixed use project will comprise 100 one, two and three bedroom apartments across nine levels, two ground floor retail tenancies and a 119 square metre residents-only rooftop area, as well as three levels of residential car parks totalling 79 spaces.</p>
<p>The 1,664 square metre site overlooks Wyndham Park and Werribee River with apartments priced from $330,000 to $707,500 and ranging in size from 51 to 104 square meters internally.</p>
<p>Designed by Rothelowman, the Edge One marketing suggests it will introduce design-focused living to Werribee’s city centre by fusing metropolitan design with the timeless appeal of nature.</p>
<p>Each residence features up to 10-metre wide frontages with generous inset terraces ranging from eight to 22 square metres to maximise the breathtaking views of Werribee River, Wyndham Park and the You Yangs Regional Park to the north, and Melbourne’s CBD and Port Phillip Bay to the south.</p>
<p>It is located at 59 Comben Drive, Werribee.</p>
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<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/5/23/RiverEdge_%20EdgeOne_living.jpg" alt=""></p>
<p>“Werribee is a rapidly growing and evolving city and the introduction of premium residential precincts like RiverEdge support the urban regeneration of the region and will help transform the Werribee City Centre into the capital of Melbourne’s west,” says Neil Anderson, General Manager Developments of the Burbank Group.</p>
<p>A central green glass spine visually connects the main entry with the residents’ rooftop garden overlooking Werribee’s natural surrounds, says Stuart Marsland, Principal at Rothelowman.</p>
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<p>It is expected life at Edge One will be walkable with shops, parks and Werribee Primary and Secondary schools within close proximity.</p>
<p>The Werribee train station is 550 metres away, providing access to the CBD in 30 minutes.</p>
<p>Located between Melbourne and Geelong with the Westgate Freeway at its doorstep, Edge One is a 30-minute drive to Melbourne’s CBD, a 20-minute drive to Melbourne Airport and a 40-minute drive from Geelong.</p>
<p>Residents will be able to explore the extensive network of cycling tracks in the west, including The Federation Trail and the Werribee River Bike Trail, as well as other outdoor pursuits, with secure bike and private apartment storage available.</p>
<p>Construction of Edge One is expected to commence in mid 2019 and is due for completion late 2020.</p>
<p>The second stage of the RiverEdge precinct is currently in development. The proposed project will incorporate a new 8,300 square metre Wyndham City Community Learning Hub over five levels, along with additional residences.</p>
<p>will introduce a new level of design sophistication to Melbourne’s burgeoning West with premium riverfront living and improved connectivity to Werribee City Centre and the area’s natural surrounds.</p>
<p>The $47 million Edge One project is the first stage of the landmark RiverEdge precinct and will be delivered via a development agreement between the Burbank Group and Wyndham City Council as part of the Werribee City Centre Structure Plan.</p>
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Burbank Group launch Edge One, Werribee project

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<p>A suitable construction funding model is the critical missing ingredient needed to deliver more affordable housing in Australia. Aside from short-lived programs under the Rudd government, we have seen decades of inconsistent and fragmented policies loosely directed at increasing affordable housing. These have failed to generate anything like enough new supply to meet <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/241" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">outstanding needs</a><span style="color: #333333; font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">.</span></p>
<p><a href="https://www.propertyobserver.com.au/http://www.ahuri.edu.au/research/final-reports/293" target="_blank">Our latest research</a> looked at recently built, larger-scale affordable housing projects in contrasting markets across Australia. We examined each scheme’s cost, funding sources and outcomes. We then developed a housing needs-driven model for understanding the financial and funding requirements to develop affordable housing in the diverse local conditions across the country.</p>
<p>Up to now, the key stumbling block has been the “funding gap” between revenue from rents paid by low-income tenants and the cost of developing and maintaining good-quality housing. The <a href="https://static.treasury.gov.au/uploads/sites/1/2017/06/C2016-050_Final_report.pdf" target="_blank">Commonwealth Treasury</a> acknowledged this problem last year. And the problem is greatest in the urban areas where affordable housing is most needed.</p>
<h2>What does the new model tell us?</h2>
<p>The Affordable Housing Assessment Tool (AHAT) enables the user to calculate cost-effective ways to fund affordable housing to meet specified needs in different markets. It’s a flexible interactive spreadsheet model with an innovative feature: it enables users to embed housing needs as the driver of project and policy, rather than project financial feasibility driving who can be housed.</p>
<p>Affordable housing developments have recently been relatively sparse. However, our research highlighted the varied and bespoke funding arrangements being used.</p>
<p>Despite this variety, too often project outcomes are driven purely by funding opportunities and constraints, rather than by defined housing needs. One notable constraint is the fragmented nature of affordable housing subsidy frameworks both within and across jurisdictions.</p>
<p>Our case study projects generated a diversity of housing outcomes. This can be seen as an unintended positive of the bespoke nature of affordable housing provision as a result of the need to “stitch together” gap funding from multiple sources on a project-by-project basis.</p>
<p>Equally though, the lack of policy coherence and fit-for-purpose funding added cost and complexity to the development process. By implication, this leads to a less-than-optimal outcome for public investment. Despite providers’ best efforts, current approaches are not the most efficient way to deliver much-needed affordable housing.</p>
<p><span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">What are the lessons from this research?</span></p>
<p>We applied the model to typical housing development scenarios in inner and outer metropolitan areas and regions. By doing so, we identified six key lessons for funding and financing affordable housing delivery.</p>
<p><strong>1) Government help with access to land is central to affordable housing development and enhances long-term project viability.</strong></p>
<p>Especially in high-pressure urban markets, not-for-profit housing developers cannot compete with the private sector for development sites. High land costs, particularly in inner cities where affordable housing demand is most extreme, can render financial viability near impossible. Having access to sites and lower-cost land were two of the most important components of feasible projects.</p>
<p><strong>2) Government equity investment offers considerable potential for delivering feasible projects and net benefit to government.</strong></p>
<p>How governments treat the valuation of public land with potential for affordable housing development must be reviewed. Conventionally, even where affordable housing is the intended use, governments typically insist on a land sale price based on “highest and best use”.</p>
<p>It would be preferable in such cases to treat the below-market value assigned to public land as a transparent subsidy input. This would mean the sale price reflects the housing needs that the development seeks to meet. That is, the land value should be priced as an affordable housing development for a specific needs cohort.</p>
<p>By retaining an equity stake, government could account for its input as an investment that will increase in value over time as land values appreciate.</p>
<p><strong>3) Reducing up-front debt load and lowering finance costs are critical to long-term project viability.</strong></p>
<p>Debt funding imposes a large cost burden over a project’s lifetime. This is ultimately paid down through tenant rents. Reducing both the cost and scale of private financing can have a significant impact on project viability.</p>
<p>The analysis reinforces the rationale for the Australian government’s “<a href="http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/HA_18.htm" target="_blank">bond aggregator</a>” facility for reducing financing costs for affordable housing projects. But this must come in tandem with other measures to reduce up-front debt.</p>
<p><strong>4) Delivery across the range of housing needs helps to meet overall social and tenure mix objectives. This also can help improve project viability through cross-subsidy.</strong></p>
<p>Mixing tenure and tenant profiles can enable affordable housing providers to produce more diverse housing that meets the full range of needs.</p>
<p>Cross-subsidy opportunities arising from mixed-tenure and mixed-use developments can also enhance project feasibility. By improving a provider’s financial position, this helps advance their long-term goal of adding to the stock of affordable housing. And, by providing welcome flexibility, this enables organisations to better manage development risk across different markets and cycles.</p>
<p><strong>5) The financial benefit of planning bonuses is limited</strong></p>
<p>Inclusionary zoning mechanisms impose affordable housing obligations on developers through the planning system. This approach potentially offers a means of securing affordable housing development sites in larger urban renewal or master-planned areas.</p>
<p>However, our research demonstrated that planning bonuses allowing increased dwelling numbers in return for more affordable housing have little beneficial impact on project viability. This is because the additional dwellings allowed generate additional land and/or construction costs but no matching capacity to service a larger debt.</p>
<p>However, planning bonuses can be useful as part of a cross-subsidy approach. In this case, they may support project viability, without necessarily resulting in any additional affordable dwellings.</p>
<p><strong>6) Increasing the scale of not-for-profit provision offers financial benefits that help ensure the long-term delivery of affordable housing.</strong></p>
<p>Our analysis supports the case for targeting public subsidy to not-for-profit developers (government or non-government) to maximise long-term social benefit. Investing in permanently affordable housing ensures the social dividend of affordable housing can be continued into the future.</p>
<p>Comparable subsidies are not preserved when allocated to private owners. They will seek to trade out at some stage, capitalising the subsidy into privatised gain.</p>
<p>The results of our case study analyses and modelling highlight the need to develop comprehensive funding and subsidy arrangements that account for different costs in different locations. These arrangements also must be integrated nationally to support affordable housing delivery at scale.</p>
<p><img src="https://counter.theconversation.com/content/91072/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">This study reiterates the common finding of research over the last decade: both Commonwealth and state/territory governments need to develop a coherent and long-term policy framework to provide housing across the full spectrum of need.</p>
<p><span><a href="https://theconversation.com/profiles/laurence-troy-2403" target="_blank">Laurence Troy</a>, Research Fellow, City Futures Research Centre, <em><a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a></em>; <a href="https://theconversation.com/profiles/bill-randolph-147968" target="_blank">Bill Randolph</a>, Director, City Futures - Faculty Leadership, City Futures Research Centre, Urban Analytics and City Data, Infrastructure in the Built Environment, <em><a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a></em>; <a href="https://theconversation.com/profiles/ryan-van-den-nouwelant-199969" target="_blank">Ryan van den Nouwelant</a>, Senior Research Officer - City Futures Research Centre, <em><a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a></em>, and <a href="https://theconversation.com/profiles/vivienne-milligan-147970" target="_blank">Vivienne Milligan</a>, Visiting Senior Fellow - City Futures Research Centre, Housing Policy and Practice, <em><a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a></em></span></p>
<p>This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/six-lessons-on-how-to-make-affordable-housing-funding-work-across-australia-91072" target="_blank">original article</a>.</p>
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How to make affordable housing funding work across Australia

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<p>A residential property with development potential in the Melbourne bayside suburb <span>Bentleigh</span> has been listed for auction by Teska Carson.</p>
<p>The property will be auctioned on Saturday, March 4 on site.</p>
<p>It is expected to fetch more than $1.15 million.</p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-house-vic-bentleigh-116918083" target="_blank">594 Centre Road</a>, on the corner of Leckie Street, the property comprises a single level, well presented Federation  home, with four bedrooms, a separate formal lounge, modern provincial kitchen and large family room, on a 540 square metre site, zoned Neighbourhood  Residential, with two street frontages.</p>
<p>According to marketing agents, Teska Carson’s, George Takis and Barry Novy, the well maintained property also offers the benefit of a current permit for medical use.</p>
<p>"This is an excellent property from a number of perspectives including that of a well maintained, four bedroom home with classic early 20<sup>th</sup> century period charm, the ability to take up the permitted change of use to medical, and its potential for redevelopment down the track," <span>Takis said.</span></p>
<p>He said the area continued to gain popularity with an upsurge of residential development, underpinned by strong population growth, driving both residential and commercial property markets.</p>
<p>Part of the attraction, Takis said, was the local village lifestyle ambience complemented by a plethora of retail outlets, cafes and restaurants, as well as a number of lifestyle amenities including close proximity to the beach.</p>
<p><span style="font-size: 12.16px; line-height: 1.3em;">Novy said the sale offered a number of options to prospective purchasers including investment, occupation and development.</span></p>
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Potential development site in Bentleigh to go under the hammer

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<p>Monarch Investments Group (Monarch) have been granted approval by the Campbelltown City Council to develop its new masterplanned community - The Meadows.</p>
<p>The $135 million project, located n Sydney's South West growth corridor, will feature 210 houses, a swimming pool, playground and recreational facilities.</p>
<p>It's located within one kilometre from Edmondson Park Train Station and the billion dollar Edmondson Park Town Centre.</p>
<p>Prices start from $624,950 for a three bedroom duplex and range in lot size from 230 sqm to 390 sqm.</p>
<p>Packages include a dishwasher, air conditioning, open plan living area, floor coverings, fencing, landscaping, blinds, light fittings and an ensuite.</p>
<p>Monarch has sold over 6,000 land lots across Sydney and New South Wales over the last 60 years.</p>
<p>More than 1600 of these sales were secured in the South West.</p>
<p>They recently sold the last remaining house and land package in its $160 million Ingleburn Gardens Estate comprising 329 houses and land parcels.</p>
<p>CEO of Monarch Peter Icklow suggested the investment potential in the South West is significant.</p>
<p>“The South West growth corridor is one of the fastest growing areas in Sydney and is earmarked for significant private and government spending on major infrastructure and community facilities within the next decade," he said.</p>
<p>"The Meadows is situated in the epicentre of this activity and has already attracted a broad range of purchasers including first home buyers, downsizers, growing families and investors.”</p>
<p>The state government has committed to invest over $3.6 billion in its Western Sydney Infrastructure Plan over a 10 year period. </p>
<p>This plan includes investment in health, education, transport (bus and rail) and community infrastructure.</p>
<p>Icklow said that they sold their first house and land package in 2009 in Ingleburn Gardens Estate for $325,000. Today it is worth $650,000 and is renting for $500 per week.</p>
<p>"Based on these figures, within the 10 years I expect house and land sales in The Meadows to eclipse at least $900,000 based on an average annual 5 per cent increase over that time," he added.</p>
<p>Recently released data from CoreLogic RPData revealed the suburb of Bardia was ranked seventh in a national list of suburbs with the biggest rise in median house price growth between 2010 and 2015. </p>
<p>To read more about the development <a href="https://monarchinvestments.com/the-meadows-bardia/" target="_blank">click here</a>. </p>
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Green light given for The Meadows

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<p>Developers New Hope VIMG will launch stage 2 of its new $600M The Landmark St Leonards north of Sydney this Saturday which includes four penthouses and 'sky homes' on levels 30 to 44.</p>
<p>The Landmark is designed by A+ Design Group with 54 percent of property already sold and will feature a public art space, bars, restaurants and high-end boutiques.</p>
<p>The development, when complete, will feature 475 apartments over 46 floors.</p>
<p>A VIP launch for stage 2 has been scheduled for July 9 2016. Demolition begins this month (July) with construction beginning early 2017.</p>
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<p>Sizes of apartments (square metres internally)</p>
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<p>Studios </p>
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<img src="file:///page2image23056" alt="page2image23056" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>40-42 m2 </p>
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<img src="file:///page2image24640" alt="page2image24640" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>$661,000 – $755,000 </p>
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<p>1 bedroom </p>
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<img src="file:///page2image27688" alt="page2image27688" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>55-82 m2 </p>
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<img src="file:///page2image28976" alt="page2image28976" width="0.480000" height="0.480000">
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<p>$903,000 – $1,100,000 </p>
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<p>2 bedroom </p>
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<p>81-96 m2 </p>
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<p>$1,395,000 – $1,920,000 </p>
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<p>3 bedroom </p>
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<img src="file:///page2image34384" alt="page2image34384" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>121-149 m2 </p>
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<img src="file:///page2image35968" alt="page2image35968" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>$3,085,000 – $4,020,000 </p>
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<p>Penthouses </p>
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<img src="file:///page2image38976" alt="page2image38976" width="0.480000" height="0.480000"><div class="layoutArea">
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<p>230-330 m2 </p>
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<img src="file:///page2image39944" alt="page2image39944" width="0.480000" height="0.480000">
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<p>$3,000,000 – $10,900,000 </p>
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<p>For more information, <a href="https://www.thelandmarksydney.com" target="_blank">click here</a>.</p>
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The Landmark St Leonards to launch stage 2

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<p>Sponsored Post</p>
<p>For 30 years, ASX300 listed property developer Villa World has been creating new homes for investors from all walks of life.</p>
<p>“We have the support and the processes to make investing in property in Queensland and Victoria very easy,” says National Sales Manager, Robyn Valmadre.</p>
<p>“If you look at the 3 pillars of our business:</p>
<p>The complete address + The completed home + The single contract… it all adds up to s<em>uccess</em> for our investors. We take the stress out of it,” says Robyn.</p>
<p>Providing more than just a home, Villa World creates a master planned address. They deliver the home, the street and the entire community to create whatever is needed for families to thrive. Little surprise then, that more than 40,000 Australians today call a Villa World address their home.</p>
<p>Villa World homes come complete, landscaped and ready to move into for a fixed price that includes all the internal fixtures necessary for your tenants to move straight in.</p>
<p>Villa World ask for only one deposit, one contract and upon completion, one final payment. It’s that easy because it’s all delivered by one developer, and therefore perfect for your Self Managed Superannuation Fund where the single contract is king!</p>
<p>Once you go to contract, their Customer Ambassadors keeps you up to speed with progress on the property and can arrange a ‘Ready to Rent’ Investor package for you which includes window coverings and even extras such as airconditioning.</p>
<p>Naturally your investment property is subjected to a stringent Quality Assurance system by the Villa World Customer Service team before its ready for inspection.</p>
<p>Interstate and overseas investors are not even required to attend settlement or a pre-settlement viewing as the Customer Ambassadors take care of everything for you. The whole system is designed to make property investing more streamlined!</p>
<p>If you’re looking for the easy ‘one stop’ property investment option in Queensland or Victoria, call Lucy Fulton on 07 5588 8888 or visit the <a href="https://www.villaworldliving.com.au" target="_blank"><span style="text-decoration: underline;">villaworld30.com.au</span></a> to view the current portfolio of Villa World addresses.</p>
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The Villa World formula for success for investors

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<p><span>GUEST OBSERVER</span></p>
<p><span>Property buyers should be wary of the high-risk investment temptation created by record low interest rates and an influx of apartment and housing developments across Australia.</span></p>
<p><span>The combination of last week’s rate cut and an oversupply of off-the- plan developments in many capital city locations just increases the risk of this type of speculative investment.</span></p>
<p><span>On the eve of the 2016 Federal Budget, the Reserve Bank of Australia lowered interest rates to 1.75 percent – the lowest in Australia’s history.</span></p>
<p><span>With any off-the-plan property purchases, investors should understand that they were buying a speculative investment that carries with it associated risks.</span></p>
<p><span>Anything that you buy with a delayed settlement is a risk and the longer the settlement the greater that risk becomes.</span></p>
<p><span>You’re punting on the fact that the market will go up.</span></p>
<p><span>If it goes down and it’s worth less at completion than the price you paid, then, when you go to finance that property at settlement you’re in negative equity.</span></p>
<p><span>If you end up in this situation it’s much harder to get the finance and if you can’t secure it then you will lose your 10% deposit.</span></p>
<p><span>On top of this you need to be aware that if the developer then on-sells the property for less, they could also sue you for the difference for non-performance.</span></p>
<p><span>Off-the-plan contracts also heavily favour the developer and most include shrinkage clauses, sunset clauses, like for like clauses and many others that keep you tied to purchasing the property even though they can have a detrimental impact on the end value of the apartment.</span></p>
<p><span>Investors are better off buying established real estate as it offers a much lower overall risk.</span></p>
<p><span>Established real estate is usually in a better location and provides a more secure investment opportunity when compared to off-the-plan property.</span></p>
<p><span>You’re less likely to be competing with cashed up foreign buyers who don’t understand current market values and often overpay.</span></p>
<p><span>In addition, you can rent out established property immediately after purchase and receive a return on your money straight away rather than hoping to secure a return in a year or two.</span></p>
<p><span>Often off-the-plan properties, especially those built over the last decade, have been designed more as investment products for developers who want to sell quickly with a high margin rather than a quality product built to a high standard.</span></p>
<p><span>In comparison, I find apartments that were built in the 60s to 90s are generally in better locations and have more focus on space and outlook.</span></p>
<p><em>Patrick Bright is buyer's agent for EPS Property Search and can be contacted <a href="https://www.epspropertysearch.com.au" target="_blank">here.</a></em></p>
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Investors warned against lure of buying off-the-plan: Patrick Bright

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<p>Construction has started in right earnest at Oakland Estate, a $1 bilion masterplanned development in the Queensland township of Beaudesert, with buyers snapping up home sites.</p>
<p>Close to the Gold Coast and Brisbane, Oakland Estate offers brand new homesites, house and land packages with schools, parks, restaurants and retail planned.</p>
<p>A $30 million construction programme has started which includes the McAuley Catholic College, that will have an intake of 850 students and will open in January 2017.</p>
<p>nWork is also expected to start soon on a shopping village, comprising a 1,200 sqm IGA supermarket, 500 sqm of specialty stores, a fast-food restaurant and a tavern complete with function rooms, a children's play centre and a separate public bar and dining area.</p>
<p>A service station, including a drive-through coffee shop, are also expected to come up soon.</p>
<p>Oakland Estate is being developed by Robinson Projects. Lots average 750 sqm and are priced from $185,325.</p>
<p>Head of Robinson Projects, James Robinson, says he has also partnered with local builders to deliver a range of house and land packages priced from $346,000 with a variety of three and four bedroom floor plans. </p>
<p>"Our first purchasers have predominantly been mature couples and retirees looking to make plans for the next phase of their lives," he said.</p>
<p>"The construction of the school has also led to strong enquiry from families who want to move to Beaudesert to raise their children in a country environment, whilst still being within a one hour drive of both Gold Coast and Brisbane City."</p>
<p><img src="/images/2016/05/11/Screen%20Shot%202016-05-11%20at%209.01.38%20AM.png" alt="" width="1276" height="768"></p>
<p>Two of the first buyers in Oakland Estate are Peter and Lesley Wilson, who are moving from Yeppoon. The couple has bought a 785 sqm homesite at Oakland Estate.</p>
<p>"We are retired and have family based in Toowoomba, Gold Coast, Brisbane and Sydney, so we wanted to find a place where it would be easier for us to access the motorway or airport to visit our loved ones," Wilson said.</p>
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