Buying off the plan in Australia

A plain-English guide to buying an apartment before it is built, for every state and territory.

How it works

You sign a contract and pay a deposit, often held in a trust account, then settle when the building is complete and the strata plan is registered.

Deposits

Deposits vary by project. Confirm how much is payable, when, and who holds it.

Sunset clauses

The contract sets a completion deadline. Each state has its own rules on when a developer may end the contract.

Stamp duty

Concessions for off-the-plan or new homes differ by state and change over time. Always confirm with your state revenue office.

Valuation risk

If the apartment values lower at settlement than the contract price, your lender may lend less and you may need to cover the gap.

Checking the developer

Look at completed past projects, the builder, the finance status and the proposed body corporate budget. Get independent legal advice.