Off the plan
Bought new, worth less?
How buying off the plan can cost you money before you've even moved in.
When you buy off the plan, the developer sets the price before the building exists, often years before you get the keys. Near completion, your lender sends a valuer to say what it's worth on the day. If the valuation comes in below your contract price, the gap is yours to cover.
An illustration, not real figures
Contract price, set years earlier
Lender's valuation at completion
The difference is a gap you may have to cover in cash before settlement.
53%
of apartment buildings in a 2023 NSW survey had serious common-property defects.
$215,400
average cost to fix them per building, in 2025.
Source: NSW Government, Strata Community Association
Before you sign: ask which completed sales support the price, who is paid by the developer, what happens to your deposit if it's late, and whether you can inspect with your own inspector before settlement.
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