LOWER price tags on off-the-plan apartments might not mark money well spent for property buyers, according to developer Mosaic Property Group.
Managing director Brook Monahan says those looking to buy an apartment off-the-plan should consider the floor plan size and price per square metre to evaluate the true value of purchase, instead of deciding on price alone.
"You may think that two apartments listed in the same suburb at a similar price point with the same amount of bedrooms and bathrooms would be of equal value, but you should never assume that two dwellings priced the same are comparable in quality or size," Monahan says.
"Buyers shouldn't assume anything from just the listed price, as the gross rate per square metre is the key metric to logically compare value between developments, which is something that buyers need to focus on while looking to purchase an apartment off-the-plan.
"It is also crucial to compare the property's location within a suburb, the quantum of inclusions as standard, as well as the quality of fixtures and finishes provided within the apartment, as these can also differ dramatically depending on the developer.
"For this reason, buyers should ensure they only purchase from a reputable developer with a proven track record in delivering the same or similar quality fixtures and fittings, as those originally promised off-the-plan."
Monahan says Mosaic Property Group's gross rate per square metre of their latest project Liberty by Mosaic shows the benefit and market demand for larger apartment designs.
"Our focus has always been on delivering luxury apartments with larger floor plans and high quality finishes at a competitive price point," he says.
"Liberty by Mosaic represents the best value for money (rate per square metre) when compared to neighbouring projects in Upper Mount Gravatt, with each apartment boasting floor plans up to 20 per cent larger than surrounding developments in the area."Although Liberty by Mosaic has a slightly higher listed price, when you compare the total size and square metre rate and the high level of quality fixtures and finishes, which are standard to all apartments in Liberty, you will see that it is actually the best sized and best value apartment project in the area."
Get our daily business news
Sign up to our free email news updates.