House & Land or Off-The-Plan: What You Need to Know

The construction sector has garnered significant attention lately, highlighting opportunities amid rising material costs and supply chain disruptions. In this context, we see a vital opportunity to clarify any uncertainties surrounding off-the-plan purchases and selecting a new residence through Norus Projects. Our goal is to simplify the off-the-plan buying process and inspire confidence in your decisions. We're excited to demonstrate why choosing a seasoned developer like us is a smart choice.

What Makes Norus Projects Different?

First and foremost, your deposit is secured in a lawyer's trust account, which we can’t access until settlement, so we are unable to just disappear with your money. In contrast, if you buy a house and land package, the deposit goes straight to the company, so you might not be able to get your money back in cases of insolvency. 

Furthermore, at Norus, we collaborate closely with a dedicated builder who specialises in constructing our projects. This strategic partnership empowers us to oversee the entire process minimising any potential risks. With this arrangement, we possess the freedom to adapt plans as needed and we rest assured knowing that our builder isn't tied up in numerous open-ended contracts awaiting payments. In contrast, some developers opt for builders who are juggling multiple large and financially burdensome projects with different developers. This scenario often leads to uncertainties regarding project completion timelines and lingering debts from other contracts.

What’s the difference between entering into a house and land package and an off-the-plan apartment project?

How has COVID affected the building industry?

It’s been reported that the quarterly growth rate for national construction costs has accelerated, with the CCCI showing a 0.8% increase over the three months to December. This marks a reversal from the easing trend observed over the previous four quarters. Despite the increase, the growth rate remains below the pre-COVID decade average, suggesting that the reacceleration is more of a return to the normal trend rather than a new surge.

In the past with house and land packages, many builders were withdrawing their contracts due to rising construction costs and leaving their purchasers stuck with the land and no home. At Norus, we ensure our builder cannot withdraw from their contract by subsidising the builder for any cost escalation relating to material price increases. 

Although there has been some pessimism regarding the real estate market, there are numerous positive elements that buyers can anticipate, including substantial savings on off-the-plan stamp duty. By conducting thorough research, evaluating your developer or builder and comprehending your contract, the process of purchasing and constructing a property can be smooth and gratifying.

If you have any questions regarding the current climate within the industry, speak to your sales team member. If you’re looking to purchase a home from a trusted and reliable source you can contact Norus Sales on (03) 9089 2322 to discuss our current project or fill in the form below.