Purchase Your Dream Apartment
Discover How To Maximise The Benefits of the Off-The-Plan Concession
No matter how many properties you own - whether you’re buying your first home or have already established a portfolio - savvy buyers are always looking for incentives to help make their money go further. While the East Coast property market teeters on the precipice of the one-two sucker punch of potential bubble burst and continually rising purchase prices, CoreLogic has highlighted Adelaide’s metropolitan area as home to some of the best value and best lifestyle options available in the country.
Let’s have a look at what buying Off The Plan can offer you.
What does buying Off The Plan mean?
Purchasing off the plan is relevant to apartment buildings in South Australia. It means that your purchase is made before the building has been physically completed. Since 2016, the Off The Plan Concession has applied not only to apartments built within the CBD but across the whole of South Australia. It is a Government based incentive to encourage investment in newly developed buildings by reducing stamp duty costs by as much as $15,500.
What are the benefits?
This concession provides a significant reduction in the amount of stamp duty on your purchase. Any incentive to reduce your upfront costs, as well as save you on your long term repayments, is absolutely worth taking advantage of.
What sort of opportunities are available?
Your opportunity to purchase a new luxury apartment in the heart of Adelaide’s vibrant Hutt Street precinct is now available.
With the benefits of the Off-The-Plan Concession available, OPUS on Hutt offers a landmark architecturally designed luxury apartment, complete with 270-degree views across the Adelaide CBD. Transcending the boundaries between private dwelling and shared space, OPUS is set on a podium of quality retail space, separated by a single boutique commercial floor.
With just 46 apartments on offer, this building has a very human scale to it. Distinctively curved balconies and spacious living areas are complemented by features that demonstrate a staunch commitment to creating a sustainable environment. Double glazed windows, high thermal wall materials and future-proofed electric car charging infrastructure are just an example of the careful considerations made when approaching each aspect of this new build.
Renowned award-winning architect Enzo Caroscio saw something special in the location of the north western corner of Hutt and Ifould St. “Hutt Street is emerging as one of Adelaide’s most beautiful boulevards,” explains Caroscio. “It has a residential feel, and we want to preserve and enhance that.”
“Many apartment buildings are more like large hotel rooms, but this is not so with OPUS. To begin, a centralised service core on each floor has been kept to a minimum to allow in natural light. This allows large setbacks from the side boundaries and creates a highly articulated and sculptured built form - an interesting and beautiful building in other words - not just another box building.”
Keeping the apartments to 4 or 5 per floor and utilising the corners maximises natural daylight and cross-ventilation. We designed rare 3-metre floor to ceiling heights to enhance the generous proportions of each apartment.”
How do I apply?
You can apply for the concession even after you have purchased your Off-The-Plan apartment. Applicants are required to complete the Application for Stamp Duty Concession on the Purchase of an Off-the-Plan Apartment and submit it to RevenueSA for processing. If you require more information, contact Revenue SA directly.