{"id":5489,"date":"2015-08-28T01:00:59","date_gmt":"2015-08-27T15:00:59","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5489"},"modified":"2015-08-28T01:00:59","modified_gmt":"2015-08-27T15:00:59","slug":"ticking-time-bomb-for-off-the-plan-property-investors","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/ticking-time-bomb-for-off-the-plan-property-investors\/","title":{"rendered":"Ticking time bomb for \u201cOff The Plan\u201d Property Investors – Michael Yardney"},"content":{"rendered":"

 
\nIn today’s show Michael Yardney<\/strong><\/a>, from Metropole Property Strategists,\u00a0tells us about the ticking time bomb for \u201cOff The Plan\u201d Property Investors that could see thousands of investor face financial ruin because they won\u2019t be able to settle the apartments they have signed up to buy.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:<\/b>\u00a0 In a quite alarming story, thousands of investors face financial ruin because they won\u2019t be able to settle the off-the-plan apartments they signed up to buy.
\nWith a bit more on this, we have Michael Yardney from Metropole Property Strategists. Hi, Michael.
\nMichael:<\/b> Hello, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s pretty terrifying for people buying off-the-plan. Tell me what\u2019s going on.
\nMichael:<\/b>\u00a0 It\u2019s nothing new \u2013 it\u2019s happened in previous property cycles, as well \u2013 but it\u2019s going to come as a bit of a shock to investors<\/a>, while the industry insiders know what\u2019s happening.
\nApparently, there are 90,000 investors who have currently purchased properties off-the-plan but have not yet settled. Most of those were bought with small deposits \u2013 10% or 20% deposits \u2013 but they haven\u2019t obtained pre-approval for the balance of the finance, because you can\u2019t obtain it for more than 90 days. They\u2019ve purchased now on the promise that over the next year or two, the value of their properties will increase, so some of them hoped they wouldn\u2019t put any more money in at all.
\nA couple of months ago that was possibly likely. The banks would have lent you 90%. But with the new regulations enforced by APRA on many of the banks, it\u2019s actually going to be hard to even get 80% loan-to-value ratio, which means that many of these investors just won\u2019t have the finance to settle their purchases.
\nKevin:<\/b>\u00a0 You mentioned there are 90,000 people. That\u2019s the number of contracts we know, but how many of those are exposed in this way?
\nMichael:<\/b>\u00a0 According to CoreLogic RP Data, the suggestion is about 18,000 of them have only put down a 10% deposit, so clearly it\u2019s not all of them. Interestingly, it\u2019s more the Australians; the overseas investors have put down bigger deposits \u2013 often about 30%.
\nKevin:<\/b>\u00a0 So the situation is they\u2019ll either have to come up with more money or the upshot will be that they can\u2019t settle, in which case, what would happen to the deposit that they have put in, Michael?
\nMichael:\u00a0 <\/b>We\u2019ve seen this back in the 1980s when a lot of people bought off-the-plan on the Gold Coast and couldn\u2019t settle. They forfeited their deposits and thought, \u201cThat\u2019s okay. I\u2019m just going to walk away.\u201d
\nThe trouble is the developer, who you\u2019ve signed a legally binding contact with, has the right to sue you for any loss he makes. They\u2019re then going to have to on-sell the properties at whatever price they can get, and then they can come and pursue you for the difference, plus their legal costs.
\nYou may end up losing more than 10% of your deposit.
\nKevin:<\/b>\u00a0 The impact could be quite high, especially if \u2013in the worst-case scenario \u2013 we get 19,000 new pieces of stock coming onto the market. That\u2019s going to flood it a bit.
\nMichael:<\/b>\u00a0 It will, and that will make it hard for those who had the financial discipline to be able to settle, because if you bought a property today, and let\u2019s say your contract is for $500,000 and in two years time when you settled, you\u2019d hope it rose to $550,000, the property may only be worth $450,000 or $480,000 because there\u2019s going to be that flood that you were just talking about.
\nThe banks are only going to lend you 80% not on your contract price but on the valuation they give at that time in the future, which will be based on the prevailing market conditions.
\nKevin:<\/b> Paint the picture for me, Michael. What do you believe is going to happen as the upshot of this?
\nMichael:<\/b>\u00a0 There\u2019s going to be a downfall of properties in those areas where there\u2019s large complexes of off-the-plan properties, particularly in the Melbourne CBD area and Brisbane CBD area, and there will be some around the areas of Alexandria in Sydney where there\u2019s been a lot of off-the-plan properties, as well. But not only in those areas; there will have to be a bit of a ripple effect in the surrounding suburbs, as well, when property values will plummet.
\nFor those who bought off-the-plan in their self-managed super fund \u2013 which unfortunately is a scheme that a number of promoters have been pushing \u2013 it\u2019s even worse because at the moment there\u2019s no lender who is going to lend more than 70% for self-managed super funds. Those people are going to have to come up with even more money, and they\u2019re unlikely to have it in their SMSFs<\/a>.
\nKevin:<\/b>\u00a0 What about developers? What do you see on the landscape for them?
\nMichael:<\/b>\u00a0 The developers are planning to get all these funds coming in. Some developers are going to have a little bit of trouble because they\u2019re not going to be able to easily sell all this excess stock, because once the news gets out and the confidence is lowered, there\u2019s not going the swag of investors buying. This is really investor stock. It\u2019s not the sort of property that owner-occupiers tend to purchase.
\nThere could be a bit of a fallout with developers having financial troubles, just like what happened in the past, Kevin.
\nKevin:<\/b>\u00a0 This really is what APRA has been about though, trying to dampen that enthusiasm within the market, Michael?
\nMichael:<\/b>\u00a0 Their plan was to stop the investor frenzy that has occurred. I don\u2019t think they planned to have a crash in a certain segment of property prices. That\u2019s not really good for anyone, Kevin.
\nKevin:<\/b>\u00a0 It\u2019s interesting to read during the week, too, that first-home buyers are now making up an even bigger proportion of investors, as well.
\nMichael:<\/b>\u00a0 A lot of people have swapped from looking to buy their first home to continuing renting where they can afford to rent and where they like to live but can\u2019t afford to buy, and instead getting into the market. This is actually going to hit the financial pockets of some people who would in the future have been first-home buyers. You\u2019re right, Kevin.
\nKevin:<\/b>\u00a0 Okay, advice from you about people who have purchased off-they-plan, what should they be doing? Talking to their bank rather urgently, I\u2019d imagine?
\nMichael:<\/b>\u00a0 They can\u2019t get pre-approval for three, six, or nine months \u2013 and definitely not a couple of years \u2013 in advance, so I guess if you have some time up your sleeve, number one, try to get out of your contract if you can. Don\u2019t ask the solicitor from the developer. The question to ask your solicitor is not \u201cCan I get out of the contracts?\u201d but \u201cHow can I?\u201d
\nThen, be diligent with your savings to make sure that you have the financial wherewithal to complete your purchase if these are the conditions that are going to be prevailing when you\u2019re eventually going to settle.
\nKevin:<\/b>\u00a0 Good advice. Michael Yardney from Metropole Property Strategists.
\nThanks, Michael.
\nMichael:<\/b>\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show Michael Yardney, from Metropole Property Strategists,\u00a0tells us about the ticking time bomb for \u201cOff The Plan\u201d Property Investors that could see thousands of investor face financial ruin because they won\u2019t be able to settle the apartments they have signed up to…<\/p>\n","protected":false},"author":176692471,"featured_media":5490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nTicking time bomb for \u201cOff The Plan\u201d Property Investors - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/ticking-time-bomb-for-off-the-plan-property-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ticking time bomb for \u201cOff The Plan\u201d Property Investors - 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