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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.
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.”
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