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Off-the-plan project sales is going through a significant change across Australia, from selling out a building in a weekend to a more even-keeled process, some industry commentators are saying.
Piety THP property developer Peter Munnings said that the change provides an opportunity for better-quality projects.
“We’ve really seen a lot of developers come into the market in the boom time that are building projects which isn’t to what Australian are used to,” Mr Munnings said.
“Buyers need to be wary when moving into a new project where they have researched the builder, the foreman, the architect and the developer.”
Dr Andrew Wilson at My Housing Market said that recent data shows a “massive” rise year-on-year of first home buyers and downsizers.
“If ever there was a good time to buy, now is the time,” Dr Wilson said.
“Sydney and Melbourne are now both in balanced markets for supply and demand, with migration continuing to flow in the country. This balanced cycle won’t last for too long as migration propels, and we move back into an undersupplied market which will see prices start to rise again.”
He said that one of the greatest challenges in project sales at the moment is that there are not enough trained agents to sell off the plan.
“There are two segments to project sales: retail agents and channel agents. Channel agents primarily work with a developer or project marketer with large database of buyers on and offshore.
“Residential sales is the polar opposite of selling off the plan. Going from grafting for a listing and having a tangible home to showcase, to having an abundance of listings with only an image, display suite and a floor plan to sell is a big change.”
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