The construction of 20 townhouses at Cambridge Road in Mooroolbark is progressing very well. External work has wrapped up on the rear townhouses with internal finishing now underway.

The front townhouses are having their external renders and cladding applied.

Check out the latest video to see how things are looking.

The townhouses are all sold and the new owners will take possession early in 2017.

The heavy excavation of earth at 33 Cambridge Rd in Mooroolbark has been completed and the transformation of the site is quite remarkable. You can watch the video below to see how the site looks now.

The site works are continuing with drainage pipes being laid for the townhouses. Once this is completed the foundations will be poured.

There are only three townhouses left so act fast if you want to live at this awesome address. Contact Tony Smith from Max Brown in Croydon on 0411 424 964 or 131 629 if you are interested.

Heavy excavation has commenced at Paperbark Place in Mooroolbark, with a heavy duty excavator on site to prepare the site for initial plumbing works and foundations.

The works follow on from the large bore pier retaining wall that was recently installed along the eastern boundary.

Watch the video below to see how the excavator digs up the soil and gets removed from the site.

Early site works at 33 Cambridge Rd have begun with drilling rigs and machinery boring holes for the large concrete retaining wall along the eastern boundary of the property.

The works signal the beginning of construction of the 20-townhouse development called Paperbark Place.

Fifty-nine holes are being drilled and filled with reinforcement and concrete, to form the pillars of a significant retaining wall.

You can watch the video below to see how they are doing it.

There are only five townhouses left and they will sell quickly so act fast if you want to live at this awesome address. Contact Tony Smith from Max Brown in Croydon on 0411 424 964 or 131 629 if you are interested.

Some early work is underway on site at our 20-townhouse development in Mooroolbark, with light surface removal in preparation for a big retaining wall that is going in along the eastern boundary.

The bore pier guys will be in later this week drilling big holes and filling them with concrete. After that we get the heavy machinery in to start excavating.

There are only five townhouses left so contact Tony Smith from Max Brown in Croydon on 0411 424 964 or 131 629. if you want to grab one of these beauties.

Buying property off the plan means entering into a contract with a developer to buy a property before the completion of construction. Since there is no physical property to inspect or see, you view the design, building plans and pictures to get an idea about what the property will look like on completion.

The contract of sale for any property should spell out what you are getting for your money. It is prudent to get your legal adviser to take a look over it before you sign it.

Usually the sales contract requires you to pay an initial 10 percent deposit of the purchase amount, which is held in a trust account. Then on completion of the construction, you must pay the balance and take possession of your new property.

An off the plan contract is drafted slightly differently from a standard property contract for obvious reasons – there is no physical property to exchange yet.

What is covered in an off the plan contract

It is important to check that the following things have been included in the contract:
▪ Adequate plan disclosure

In an off the plan contract, a developer is required to include plans, specifications, and timeline of what they plan to construct as the final product. It is important to review these plans so that you are satisfied with the level of disclosure and the standard of the finishes.
▪ Cooling off period

In most Australian states, a cooling off period of two to three days applies to an off the plan contract, which means you are free to alter your purchase decision during this time. Try to find out if there is any termination penalty if you decide to withdraw during this time. Remember, you are legally bound to buy the property when the period ends.
▪ Finance

Before buying off the plan in a new property development make sure you are fully aware of your financial position. If you are planning on borrowing money from a lender to buy your property make sure you check with them about how they treat off the plan sales. Most lenders have different policies and ways of dealing with off the plan sales. Check with your lender if you can get approval for financing before the completion of the project.
▪ Stamp duty
As a buyer, you must pay stamp duty on your property within the required time period. Check if you are eligible for any concessions or exemptions available to those who buy residential property. You may need to get some legal advice on how much you may need to pay or what discounts you could be eligible for. Further information about stamp duty discounts in Victoria can be found on the State Revenue Office website.
▪ Inclusions and warranties
Inclusions are basically all the things that will be included in your property when it is finished. You don’t want to buy a property off the plan and then find out it doesn’t include doors or windows! An inclusion list will cover all the things that will be built into your home or as part of the development. Common things are the type of doors, floors, benchtops, cupboards, paint colour, door handles, oven and much more. Make sure you are clear about what you are paying for and what you will get. You also need to confirm what warranties you might be covered by. In Victoria, a newly built home comes with a three month period where defects will be corrected. This might be doors that stick, windows that don’t close properly or other things that pop up after you move in. The house will also be covered by a builder’s warranty, so if there are serious structural problems you can get them fixed.
▪ Completion
The contract should identify the estimated time when the property should be completed. Make sure you understand what happens if there is a delay or if the project gets cancelled. If the project gets cancelled you should get your deposit refunded. The developer is usually able to cancel the contract if the plan of subdivision can not be registered within a specified period of time, commonly between 18 months and 3 years from the day of sale.

You should also be aware the timeframe for settlement once the property is ready for you to move in. Usually it is 14 days after completion.

When buying off the plan, it is important to closely review the contract details to make sure you understand exactly what you are signing up for, and also that you get what you pay for when the property is built.

While investing in property is smart and rich people do it all the time, it does carry fear for many people. It is understandable given the large sums of money involved, it is a big purchase. However, these fears can be overcome with some research and good advice, and the financial rewards can be significant.

Do you hold any of these common property investment fears?

1. Buying a dud property – nobody wants to buy a property that does nothing but cost them money, time and fuels their anxiety.

2. Buying in the wrong suburb – who wants to invest in an area that offers no capital growth, low rents and high vacancy rates?

3. Paying too much for the property – you get caught up in the emotion of buying a property, or the competition is fierce and you pay too much.

4. The property is expensive to maintain – the pipes keep bursting, the roof leaks, and there is no end of maintenance required to keep the property functioning.

5. Missing out on the rising market – the value of properties keeps going up but you are stuck on the sidelines missing out on the gains (because you don’t know how to get in safely).

6. Not having enough time to find deals – you like the idea of investing in property but you don’t have time to research suburbs or figure out the numbers.

7. Low tenant demand in the area – how can you be certain there are enough renters in the area to warrant an investment property?

8. Buying a poorly located property – no shops, transport or amenities within walking distance, so who wants to live there?

9. Dealing with stressful auctions – bidding at auctions is stressful and prices go way over my budget anyway.

10. High owners corporation fees – what about all those fees to hold properties like owners corporation fees, aren’t they excessive?

For most people fear simply holds them back from investing

Rich people have overcome these fears by gathering good information, acting on it and using real estate to further grow their wealth and provide income. So what if you could find a property to invest in that ticks all the boxes, would you go for it?

If the answer is yes, then we suggest you speak with one of our agents today as a two bedroom townhouse at Paperbark Place could be just the property you are looking for.

To find out more call Tony Smith on 0411 424 964 or email tonys@maxbrown.com.au

Work will soon commence on a $480,000 improvement to Brice Avenue in Mooroolbark.  The project will enhance the appearance and functionality of the shopping strip precinct.

The work will be carried out in eight stages to reduce the impact on traders, motorists and pedestrians.

Problem areas of the footpath will be fixed so that it becomes safer and easier for pedestrian use.

Safety and pedestrian access will be improved and street furniture refurnished as part of the project.

The work follows on from huge improvements to the Mooroolbark train station and surrounding roads.

Watch this simple video to understand the four simple steps of buying property off the plan. This is the third of a video series covering the essentials of what is involved in buying property off the plan.

These videos will help you get a jump on other property buyers and investors, and learn how to save thousands of dollars in the process.

The full series of videos cover:

1. What is buying property off the plan?
2. Some of the risks in buying property off the plan
3. The four simple steps to buying property off the plan
4. Financial considerations and deposits
5. Buying in a multi-unit development and inclusions lists
6. How to make stamp duty savings
7. Understanding owners corporations.

Watch the video now.

Progress continues with preparation for the construction of new townhouses at Paperbark Place in Mooroolbark. The old house and vegetation has been cleared in readiness for construction to commence.

The architect designed townhouses have been popular with home buyers with more than half the properties already sold. People have been keen to snap up hot property so close to the Mooroolbark town centre and train station.

A small number of two bedroom townhouses are available, though you should act quickly as they will not last long.

All that Mooroolbark has to offer

Everything you could want is an easy stroll or short drive away, including Mooroolbark train station, shops and cafes, gym, swimming pool, parks, golf courses, sports clubs, Maroondah and Ringwood hospitals, doctors’ clinics and health centres, kindergartens, primary and secondary schools, a Swinburne University campus in Croydon, and transport links like Eastlink and the Maroondah highway.

Investors will be pleased with the current low vacancy rates, healthy rental yields and surging capital growth in the area.

Home prices in the Mooroolbark are booming and value like this will be hard to find, and coupled with stamp duty savings you could get a jump on the rising market.

Forget about stressful auctions, or renovators dreams, act fast and be the first person to collect the keys on this beautiful home. You’ll love it.

Act fast so you can take advantage of stamp duty savings before construction starts.

Contact Jason Bertram from Max Brown Croydon on 0422 316 927 to discuss the two bedroom properties still avaliable.