There’s something exciting about imagining your brand-new home before it’s even built. The glossy renders, fresh finishes, and that enticing “never-been-lived-in” feeling, it’s all part of the appeal when buying off-the-plan. But as with any property decision, especially here in Perth, it’s important to take off the rose-coloured glasses and look at both the perks and the pitfalls.
Whether you’re an eager first home buyer, seasoned investor, or downsizer looking for low-maintenance luxury, here’s what you need to know before signing on the dotted line.
The Rewards: Why People Love Buying Off-the-Plan
ONE. Lock in Today’s Price
In a rising market, buying off-the-plan can mean you’re securing tomorrow’s home at today’s price. This can be particularly appealing in Perth, where growth corridors and lifestyle precincts are on the rise.
TWO. More Time to Save
With settlement usually occurring once the build is complete (sometimes 12–24 months later), buyers have a golden window to top up their savings, sort finances and plan their move without the pressure of an immediate handover.
THREE. Brand-New Everything
From sparkly stone benchtops to modern fixtures and energy-efficient features, off-the-plan homes offer the bonus of everything being shiny, new and often customisable perfect for buyers wanting a home that reflects their lifestyle from day one.
FOUR. Tax & Depreciation Benefits
For investors, there can be generous tax perks think depreciation deductions on the building and fittings. Plus, there are potential stamp duty concessions depending on your circumstances and what stage the development is at when you purchase.
The Risks: What to Consider Before You Commit
ONE. Developer Delays
Construction timelines can change. Weather, materials, labour shortages you name it. Always check for sunset clauses (the maximum time a developer has to complete the project) and buy from reputable developers with a solid track record.
TWO. Market Movements
While locking in a price can be a win, there’s also a chance the market could soften between signing and settlement. Make sure you’re buying in a location with long-term appeal, not just a short-term hype.
THREE. You’re Buying on Paper
It’s not always easy to visualise a space from a floorplan. Room sizes, ceiling heights, and even natural light can be hard to gauge without a walkthrough. If possible, visit the developer’s previous projects or inspect a display suite.
FOUR. Limited Changes After Signing
Once your contract is signed, making changes can be tricky and may come with extra costs. Be confident in your choices up front and ensure everything from finishes to layout is clearly documented.
Tips for Buying Off-the-Plan in Perth
- Do your homework: Research the developer and builder. Look at their past projects and read reviews.
- Get independent legal advice: Make sure your contract protects your interests and you understand all clauses.
- Understand your finance: Some lenders won’t approve your loan until closer to completion. Chat to your broker early to map out a plan.
- Inspect everything at handover: Don’t rush settlement, check for defects or issues and ensure they’re rectified.
At ART OF REAL ESTATE, we view off-the-plan purchases as both an exciting opportunity and a decision that deserves care. Like any work of art, building a home starts with a vision but it’s the details, the craftsmanship and the team behind it that bring the masterpiece to life.
If you’re considering buying off-the-plan in South Perth or Perth’s western suburbs, we’re here to guide you through every brushstroke of the journey from the first plans to the final handover.
Want to explore upcoming projects or off-the-plan opportunities in our area? Get in touch, we’d love to show you what’s on the horizon.