Since the State Government released its Directions 2031 planning policy in 2010, local governments have grappled with planning their cities and towns in a manner that emphasises infill development rather than urban sprawl.
This is no easy task (take, for example, the community reaction to the City of Cambridge's planning policies) given our proclivity for a backyard of our own. However, infill is an integral part of WA's future and must progress.
Thankfully, there remains masses of underutilised land in and around the metropolitan area that make ideal higher density infill sites, such as closed schools, disused road reserves, failing small scale commercial centres, ex-industrial land and excessive recreational reserves.
Spike in Perth development
Infill development, particularly in and around the CBD, is progressing more rapidly than in other places. This isn't unusual given the growing preference many people have for wanting to reside near Perth's significantly improved entertainment hubs and business sectors.
The eastern side of the city in particular has seen a spike in apartment developments, with the construction of the new stadium close by an attractive prospect for buyers and investors.
Buying off-the-plan
Apartment development projects give buyers the opportunity to purchase a property 'off-the-plan'. When buying off-the-plan, it's important to be especially vigilant in ensuring the apartment you choose turns out the way you expect upon completion.
In order to limit any surprises, most developers will provide you with a choice of finish and display materials to sample, so you're able to touch and feel the quality of products being used in the construction of your new property.
As a safeguard to ensure they secure the funding necessary to commence the building, developers will usually require that a certain number of apartments within the complex are purchased off-the-plan prior to commencing development.
A buyer's deposit and signed contract gives the financier the necessary comfort to lend the developer the money they need to complete the project. If they fail to meet this quota, then the development may not go ahead.
The sale contracts for these off-the-plan purchases are substantial, prepared by lawyers on behalf of the developer and are relatively complex. It is essential that buyers, especially inexperienced first home buyers, thoroughly read the contract before committing to the purchase. I also advise you to obtain some independent advice if necessary, as the selling agent is normally not able to advise you in this regard.
Given the need for greater infill development to counter urban sprawl, buying an off-the-plan apartment for either investment, down-sizing or first home buying reasons is a pretty sound idea.
If apartment living appeals to you, I encourage you to speak with a REIWA agent about what is available in your local area.