Australian Apartment Advocacy’s recent research has shown an all time low when it comes to buyer confidence of buying off the plan. In WA only 14% would feel extremely or very comfortable buying their apartment off the plan – on par with the national rating. But in NSW it was just 9%.
When we drilled down to find out why, we discovered that 51% of WA buyers would like a guaranteed finish time, 49% a guaranteed commencement date, 49% the expected costs to maintain the apartment, 46% that the design will not alter and 41% a display apartment – which demonstrates that there is a need to provide a high degree of certainty – and this is understandable when 61% of the WA respondents to the survey where either professionals or managers.
This means that the industry will undoubtedly now need to provide more information and reassure buyers that they are a trusted company that delivers and this will increase the level of accountability – which is good for the industry and market alike.
However, despite this reticence to buy off the plan, 58% would look to buy an apartment again when looking to relocate, over any other housing choice. Which means that completed apartments will definitely have the competitive advantage!