As I keep saying, where are all the post purchase success stories coming from actual buyers? They are few and far between.
For this to be brilliant we need to read a host of raving investors that have bought a NRAS, backed by actual figures outlining why its has been brilliant.
Might need a few more years for such stories to come out.
These forums (like most forums) tend to attract the negative, rather than the positive. That's just the nature of blogs. However, if you read through all the NRAS blogs, there are several positive stories.
That being said, there are two issues being complained about in the forum;
2. build quality
Valuations - so far, of the 4600 NRAS properties actually delivered, most have been in SE Qld, most have been construction, and most are getting hit pretty hard by valuers. So it seems to some forum members to be a problem related to the NRAS itself, but that isn't a very fair assessment. The issue of valuations is affecting ALL property in SEQld at the moment, whether it is eligible for NRAS or not, and this has been the case for the last 8 or 9 months at least. There are two reasons for it; marketing fees and oversupply. Regarding fees, property marketers are typically paid 30-40K to sell a property. That represents an 8-10% commission on a typical 400K property. Valuers know this. Regarding oversupply - SE Qld is oversupplied. The Gold Coast corridor and inland towards Ipswich has nearly 18 months excess supply according to agents there. In particular, some parts of the GC have fallen 40% in the last 6-12 months. If you take both these factors into account you can see why there are valuation problems.
In a nutshell, because marketers are focused almost singularly on selling SE Qld NRAS stock, an area that is already oversupplied, because that's where the big commissions are, you're hearing bad valuation news a lot. Valuers arent silly. They know how the property marketing industry works, and they will value with a view to protecting their backsides. This hasnt been a big issue in the past because the area wasn't oversupplied. Valuations would often come in 10-15K under contract price in the past, to cater for the marketers fees. but not 30, 40, 50K under like they are now.
The other issue raised here is build quality. All new construction carries risk. To be fair, anyone can get dudded by any project builder or developer anywhere in the country - but it really has nothing to do with the property being eligible for the NRAS or not. It's not a new phenomenon that popped up when NRAS came into the market. It's up to buyers to check whats being built. I'm not sure we can reasonably expect the Govt to put building inspectors on the ground to check all progress on all NRAS construction, nationwide. Other than that, the broader responsibility for checking that the progress on builds matches the specs in a fixed price building contract, is meant to lie with valuers. Most lenders require a valuer to sign off on a progress check before paying the slab, frame, roof, lockup, completion stages on a construction loan. Whether the valuers even bother to go and check the work is something you'd have to ask the valuers or the lenders...
So like all things, perspective and balance is important. Only a handful of complaints exist on this forum. Some of the commentary assumes there are dozens and dozens of complaints posted here, but there are not. And there are several good news posts.
The best advice is to understand why bad valuations happen, and to probably take a look at the North Queensland stock or interstate in Vic, SA, NSW , WA etc- where you'll find far fewer issues around valuations. If your marketer doesnt offer properties there- go to one that does. There are marketers willing to accept smaller commissions in other states, who have good stock available. It's your money after all, and your investment.
If you can buy NRAS that is built as it is meant to be, and values well - that should result in a very happy experience. I dont think its fair to attack the scheme because of builders behaving badly or marketers pushing buyers into areas of oversupply because they are chasing maximum commission.