澳洲Australia property off the plan land at Port Stephens | Sydn


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


First post here but regular reader.

I am looking at buying some land off the plan at Fern Bay - Port Stephens, and am curious on the subject of private resale of this land (prior to settlement).

Settlement is mid 2011, but what if i decide to resell before then? Can i do that and if so, do i pocket the profit (if any) or does the developer?

Similarly, does anyone have any thoughts on the land at Fern Bay? I noticed the prices have come down to a more realistic level in the last few months (compared to what they used to be) and the first two stages look like they met the original plans.

Thanks

Echosian  

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echosian said: ↑
First post here but regular reader.Click to expand...
Well good on you for taking the courage to make your first post :)

echosian said: ↑
Settlement is mid 2011, but what if i decide to resell before then?Click to expand...
OK there are 2 types of OTP contract conditions. One allows you to resell before settlement and the other does not. You will have to go back to the contract of sale and read ALL the conditions (I suspect they will be in the 'special conditions' section). If unclear ask your solicitor.

echosian said: ↑
Can i do that and if so, do i pocket the profit (if any) or does the developer?Click to expand...
If the contract allows, you can resell before settlement. The process would be that you exchange contracts with a 5 or 10% deposit (or deposit bond), pay stamp duty, then find another buyer, exchange contracts with him/her at a higher sale price than you paid, and at settlement just pocket any profit without actually paying any more cash yourself (or getting a mortgage for that matter).

My suspicions are however, that even if you purchased now, sold in 12 months time before settlement, that even with say, a 10% lift in capital value of the land, that there would not be enough profit in the deal to cover your costs (i.e. stamps, holding, legals x 2, REA comms).

echosian said: ↑
Similarly, does anyone have any thoughts on the land at Fern Bay?Click to expand...
See 2 attached charts. One is for houses in Fern Bay which shows good steady CG since 2005 to the present day. My guess is that land values will broadly follow this trend. However, the CG chart for vacant land over the same period does not support this guess.:confused:

Herein lies a problem with data - once the number of sales is very low - Fern Bay house sales of 12 - 18 in an entire year and vacant land sales of 20 - 30, then you have to be careful with your interpretation of that data.  

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I think there was a tread some time ago about Fern bay and building
your house upon the sand.

Do a few searches to see what the general feeling of the area was.  

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