New apartments are frequently located in closer proximity to trains or buses (referred to as transport oriented development or TODs) as well as shops or schools, a convenience which has great appeal to a wide variety of potential residents.
Being able to give up the car and cut down in commute times has a big impact on day-to-day life for students, single professionals and families alike. The cost saving of giving up the car or moving from two cars to one is also significant. Downsizers or frequent travellers particularly prize the lock-up-and-leave lifestyle that apartments offer.
Apartment owners have substantially lower maintenance than house owners, with strata fees in place to manage the building and gardens. Savvy investors and home owners note that strata fees and a well-managed building management program is a positive thing, which keeps your asset in good shape over time.
New apartments offer the opportunity to buy into a premium location at a much more attractive price point than a house. More and more, you find new apartments being constructed in nice suburbs close to train lines – areas which were previously only comprised of standalone houses. In Sydney, for example, a house in a North Shore suburb could set you back $2-3 million, but an apartment in the same suburb is significantly more affordable.
Other benefits of buying an apartment off-the-plan include, having the choice of preferred floorplan, level or views. Once built, there may be limited, if any choice left within a building.
Cashflow / tax / time:
Apartments typically have stronger cashflow, given better rental yields than houses.
Like other off-the-plan property types, new apartments offer full tax depreciation benefits and the ability to ‘buy time’. That is, you can pay your 10% deposit and have time before you settle to save the remainder of your deposit.
At Ironfish, we have an in-house property selection and research team which monitors the market and identifies great quality apartments in excellent locations for our investors. We are proud to be associated with so many award-winning and iconic apartment buildings around the country.
As part of our service to customers, the property team conducts a rigorous due diligence process, covering off all the above considerations, along with many more, to make buying an off-the-plan apartment as simple and convenient as possible and to provide additional peace of mind for buyers.
If you’d like to learn more about our pre-selected apartment recommendations, simply register your interest below.