NSW home buyers purchasing residential properties off-the-plan will benefit from stronger protections ensuring that developers are held accountable for delivering what was promised at the time of purchase. 

Local architect Glen Sewell said anything to protect the consumer is “a good thing” to implement. 

“Off-the-plan is a known thing in Wagga and it gives buyers the opportunity to save on stamp duty, which is an incentive for first home buyers,” Mr Sewell said. 

“Except they don’t have the chance to touch or feel it until it is built, but it’s a good way to go for consumers wanting to save and a chance for builders to capitalise.

“For those buying a house and land package, people generally save on stamp duty as the builder usually transfers the building into the buyer’s name often saving them $4,000 to $5,000.” 

Director of Wagga’s PRD Nationwide Simon Freemantle said these new laws will improve transparency and consistency in the process, but will predominantly affect buyers in the metropolitan areas. 

“Basically it’s a reaction to high-rise developers in metro areas going through and changing what they initially said and was vastly different to what was in the plan,” Mr Freemantle said. 

“However, these new laws will likely have very little effect on the Wagga market. 

“Generally in Wagga, being a tighter community than metro areas, those developing are locals and word gets around so people are likely to deliver what was promised.”

Mr Freemantle said local builders must produce what is on the council’s development application, but in capital cities like Sydney they were changing these applications because they could earn more money. 

“I believe these changes are a good thing and a step in the right direction,” he said. 

LJ Hooker sales consultant Jason Pearce said off-the-plan deals are done more directly with Wagga builders. 

“We really only tend to get involved when they are getting closer to completion or are ready to move into,” Mr Pearce said. 

Raine and Horne agent Grant Harris is currently selling two-storey units in Spring Street, Wagga, and said many people like to see the product before they buy it. 

“It’s historically something very difficult to sell because people like to touch and feel but they have the opportunity to choose finishing touches,” Mr Harris said. 

“Builders like selling properties prior to being built, and people can get good deals from purchasing and committing early.

“Everyone wins when legislation is made easier.”

While Mr Harris said the changes won’t largely affect the Wagga market, he argued for community title by-laws to be “tightened”. 

“People are unsure with how these community titles work, I think there needs to be more education around strata and community titles,” he said. 

“They need to be completely transparent right until it’s finished and people need to be more educated before committing to buy into these schemes.

“But these community title properties are great for those wanting a low maintenance lifestyle, as the exterior gardens are maintained without having to do it themselves.” 

The reforms include: