4 year settlement off the plan

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From: Tibor Berenyi


Hi all,

I am considering investing in a development in Port Melbourne with a 4 year settlement. Has anyone had any experience with 'off the plan' and/or long settlement type developments such as this ? What are the pros and cons that ppl may suggest I consider? Thanks
 
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Reply: 1
From: Fredo J


I would be interested to look at the development. I know people who purchased in Beacon Cove signed up and settled with a 13% return on their investment in 14 mths

Where is it is the more than one and Port is a winner
 
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Reply: 1.1
From: Michael Yardney


Tibor
Port Melbourne is a great investment area and has done very well in the past.
When you mentioned 4 year settlement I know the development you are talking about.
It is in a great position and from a developer with a good reputation - both critical to your investment success.
My concerns with a 4 year settlement are;;-
1. why wait so long - you may be missing other opportunities
2. 4 years out is a long time to predict what property prices will be and whether the price you are paying today will be considered a bargain. Sure purchases off the plan have been successful for some in the past, but that was during periods of high capital growth. This may not occurr in the next few years.
3. Currently a number of developers who sold off the plan (esp in St Kilda Rd area) and then commenced construction are finding building costs have gone up since their initial estimates and they may have difficulty competing the project! (Told to me on Friday by a very big developer)
In short...TOO much can happen / change over a 4 year period
Michael Yardney
Metropole Properties
 
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Reply: 1.1.1.1
From: Jeremy Laws


If they are so great why are they being advertised heavily in the UK - surely there would be enough people here to buy Melbourne property, if they were selling so well. Strange that Sydney isn't being so heavily pushed, but in every Evening Standard there is inevitably at least a couple of ads featuring great Melbourne developments.
 
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