The Golden Prospects of Buying Off the Plan on the Gold Coast

14 February 2024

In the ever-growing real estate market of the Gold Coast, buyers are presented with a plethora of options, including both established properties and off the plan developments. While established properties are appealing to buyers who need something to reside in immediately, a closer look at the benefits of buying off the plan reveals a variety of advantages that make it an enticing option for prospective buyers. This article explores the numerous benefits of purchasing off the plan property from Runaway Bay to Rainbow Bay on the Gold Coast, highlighting its positive impact on both financial and lifestyle aspects.

 

Customisation and Modern Amenities
Buying off the plan allows buyers to take advantage of upgrades that developers are offering to suit their tastes and requirements. Buyers may have the opportunity to create a living space that reflects their unique style. Moreover, off the plan developments often boast state-of-the-art amenities like gymnasiums, swimming pools, wellness centres and landscaped gardens, elevating the overall lifestyle experience.

 

Tax Benefits and Depreciation
Investors can benefit from buying off the plan property due to the associated tax advantages. Depreciation benefits can be maximised when purchasing a brand new property, resulting in potential tax deductions. Additionally, off the plan properties often qualify for government incentives, such as the First Homeowner Grant, further reducing the financial burden for buyers.

 

Minimal Maintenance and Warranty
Buying off the plan property ensures that the building and its components are brand new, reducing the need for immediate repairs and maintenance. Developers typically offer warranties and guarantees on newly constructed properties, providing buyers with peace of mind and protection against defects.

 

Investment Potential
Purchasing off the plan property on the Gold Coast offers significant investment potential. The thriving tourist industry and population growth in the region contribute to a strong rental demand, making off the plan properties an attractive option for investors seeking rental income. Furthermore, as the Gold Coast continues to evolve and develop, off the plan properties are likely to experience capital appreciation over time.

 

Holiday Letting
The Gold Coast is undoubtably the tourism capital of Australia and this is directly reflected in the way many off the plan developments form their future management structure. With so many holiday makers flocking to the sunshine state, short-term letting gives investors a higher rate of financial return than traditional long-term permanent rentals.

 

10% deposit
Securing an off the plan property with a deposit of only 10% of the purchase price, is commonplace on the Gold Coast. The balance of the purchase price is paid at settlement, which could be several months/years away. This enables purchasers time to prepare for settlement by potentially selling their current home or even shopping around for the most competitive finance options.

 

While established properties are still a popular option for many buyers, the advantages of buying off the plan property are too compelling to ignore. From opulent full floor apartments in Broadbeach and Rainbow Bay, to liveable luxury in Main Beach, Chevron Island and Kirra, the Gold Coast presents a great opportunity for both investor and owner occupiers.

FacebookLinkedInTwitterEmail