Buying property “off the plan” means committing to buying property in a new development before construction is completed- often before it has even begun. It is a popular move, especially among foreign investors, when the property market is hot and prices are rapidly rising.
An “off the plan” purchase can be a savvy choice to lock in a favourable price, claim depreciation and stamp duty exemptions. In NSW, for example, when buying a newly built property for less than $650,000, a $5,000 grant can be applied for, and a $15,000 grant for first home buyers. Buyers may also be exempt from stamp duty for homes valued at less than $550,000 (or land valued at less than $350,000), or a concession on stamp study for properties valued between $550,000 and $650,000. › Read full article