Property investors have heard a lot of warnings about the possible pitfalls of buying off-the-plan apartments in an over-supplied Melbourne market.
There are ways however to put the odds in your favour and get off-the-plan investing right.
According to DKO interior designer Michael Drescher, the key is to buy in a development that has retail and hospitality on the ground floor.
“Quality commercial spaces at street level inadvertently maximise resale values as they provide convenience to prospective buyers and activate the spaces to inform people’s lifestyle choices and aspirations,” Mr Drescher told realestate.com.
“Commercial spaces also activate the street level of the building and that has a flow-on effect in establishing a vibrant and lively community.”
Mr Drescher cites the Sky One development in Box Hill as a good example. The apartment complex will be built on top of a three-level food emporium and health hub.
Features such as swimming pools, gyms, private dining rooms and outdoor terraces were all the sorts of things that a good off-the-plan investment should boast to ensure a good result when it was time to re-sell.
Mr Drescher says that when it comes to the actual design of the apartments in off-the-plan developments, the key features to look for are lots of storage space, large living and dining areas, built-in wardrobes, good bathroom storage and a good kitchen pantry.
“This will not limit your market and open it up to any number of living arrangements for the future,” he said.
“Be it couples, small family units or friends living together, with good size living spaces all of these options could live comfortably in the space.”
Finally, in light of recent apartment fires in Melbourne and now London, it is also very important to make sure any building materials that are going to be used are tested and pass Australia’s high level of safety standards before making an investment decision.