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Making off-the-plan buying easier

Buying properties off-the-plan has just got easier with the launch of a new online listings directory solely dedicated to off-the-plan opportunities.

Thursday, July 6th 2017, 3:00PM

by Miriam Bell

While buying off-the-plan properties has become increasingly popular in recent years, to date there hasn’t been a one-stop resource for those interested in doing so.

Offplan.kiwi, which is an online directory for new build housing and apartment development, aims to redress that gap – at least in Auckland. 

The site’s co-founder, David Hillier, said that he and his business partner have met lots of people who like the idea of buying off the plans but never do anything about it.

That’s because they just don’t know where to start, he said.

“Our aim was to give them a simple, comprehensive catalogue of new build projects so they could do some initial research on which developments fit their purchase criteria before making an enquiry.”

Offplan.kiwi provides a list of new build developments on a per-project basis and offers a snapshot of each project which includes imagery, videos, key facts, location, information on price and contact details for the agent or vendor.

It differs to Trade Me Property and Realestate.co.nz in that it does not include any completed buildings and listings are on a per-project rather than a per-unit basis.

There is also an interactive map which allows users to discover the various listed development projects around Auckland.

Currently, over 40 development projects from around the city - including The Pacifica, the International, Wynyard Central, St Marks and Milford Living – are featured on the site.

But the plan is to expand Offplan’s listings to include new developments in all the major cities in the country over the next year.

Hillier said the site, which is free for potential buyers, is a great new resource for both vendors and buyers.

“We believe it will grow the entire off plan industry by introducing buyers that might otherwise have found it too difficult to research.”

But property industry veterans warn there are a number of factors off-the-plan buyers need to consider before committing to a purchase.

Property Council chief executive Connal Townsend said that off-the-plan buyers should buy from developers who have a proven track record or work with an experienced project team.

“Buyers should look for a developer that has already successfully delivered off the plan apartment builds.”

City Sales director Martin Dunn said buyers should make sure they do comprehensive due diligence.

“Invest in something where everything points to the development actually going ahead. Don’t be fooled by flashy, expensive marketing.”

Read more:

Apartment failures mean investing care needed 

Check record before committing 

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchDay of reckoning to come »

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AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 ▼3.35 ▼3.19 ▼3.85
ASB Bank Special - ▼2.85 ▼2.69 ▼3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - ▼2.65 ▼2.79 ▼3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

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