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Developers have been busy in recent years trying to meet the demand for new housing and a lot of buyers have purchased off-the-plan apartments. The buildings are brand new, usually located close to the city and are often eligible for first home owner concessions, depending on your state.

After paying a holding deposit, you usually don’t settle until the property is completed, which can give you a couple of years.

By then, you may have already made some equity, especially if the market has grown. But beware of buying in a falling market, because by the time your property is completed, it can end up being worth less than you paid.

This will mean that if you have to sell, you might not be able to repay the bank.

Before buying, research the market to make sure prices haven’t peaked and seek advice from potential lenders.