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Off-the-plan properties are back en vogue, with new research from Raine & Horne showing sales are booming in Sydney’s inner west.
According to Raine & Horne, the surge in interest for off-the-plan properties is part of a wider trend, with the Australian Bureau of Statistics showing the number of finance commitments for new dwellings growing by 3.5 per cent.
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In addition, the number of finance commitments for the construction of dwellings for owner occupation rose by 1.5 per cent in April 2013, following a rise of 1.8 per cent in March 2013.
“While sales for off-the-plan residences have been steady in Sydney for the first half of 2013, we have been encouraged by a jump in confidence for new off-the-plan dwellings, especially in Sydney’s inner west,” Raine & Horne chief executive officer Angus Raine said.
Raine & Horne’s sales manager, projects, Alex Vrisakis added that an increasing number of buyers are using self-managed superannuation funds to purchase off-the-plan residences.
“Buyers are better informed about how they can access their super for investment purposes, and compared to shares and other investment opportunities, property is still seen as a tangible asset with a reliable investment return,” he said.
“Affordable off-the-plan investments around central services such as the light rail and train lines are the highest in demand; these include [inner western] suburbs such as Dulwich Hill, Marrickville and Petersham.”
