Finding out of the plan selling prices

[paul_s]

Hi all,

I'm currently looking at an off the plan apartment in Melbourne and am trying to find out selling prices of other properties in the development, does anyone know if it is possible to find out this kind of info?

Also I know quite a few of these properties have been resold by the original buyer prior to completion though it seems none of those sales have made the homepriceguide.com, I guess sales only need to be disclosed when the property is already completed?

[Kristine..]

Hi Paul

Even though Off The Plan purchases are unconditional contracts of sale, the sales are not reported to the Valuer General's Department until settlement.

If you are wanting to know what other apartment have sold for, the only people with access to this information are the developers and their selling agents, and they will be restricted by the Privacy Act and also by their likely disinclination to do anything other than indicate the price list.

You say that you know that 'quite a few of these properties have been resold by the original buyer prior to completion' - how do you know this? These subordinate contracts are reliant on the original purchaser completing the sale before the second sale can happen, so actually nothing has happened as yet.

If you want to know if you are buying at fair market value then invest in a valuation before you decide to buy. Most licensed valuers can readily value a property before or during construction. Around about $275 is the going rate in the metro area - not a lot to pay for peace of mind.

We have a couple of valuers who contribute to the forum - send a private message to RightValue - if he doesn't do this sort of valuation he will undoubtedly know someone who does.

Cheers

Kristine

[paul_s]

Thanks for all the info Kristine :)


You say that you know that 'quite a few of these properties have been resold by the original buyer prior to completion' - how do you know this? These subordinate contracts are reliant on the original purchaser completing the sale before the second sale can happen, so actually nothing has happened as yet.




was based on info from the agent handling the project (who is also trying to sell apartments that people have already committed to), so I guess they just mean there is an agreement.

I just had another look through the homepriceguide and I did manage to find a previous sale for an apartment in the complex in March. Strangely enough the apartment is on a floor that isn't fully finished and according to the agent settlement for that section doesn't take place until closer to the end of the year. So I wonder if the agent has just decided to report that as a sale even though settlement may not have happened?

[RightValue]

As a valuer I can tell you that the off the plan selling price is relatively immaterial. Look at the sale prices of established units.

When the unit is completed and handed over to you it will then be a second hand unit and that is what the valuer should compare it to and that will be your competition if you go to sell it.

Remember once built and a second hand unit it will attract a lot more stamp duty - hence a higher overall cost to any purchaser - and it will not have the glitzy advertising campaign etc.

cheers,
RightValue