What is Nomination Sale?
When purchasing off-plan properties, the original buyer signs a presale contract with the developer and pays 10% of the purchase price as a deposit. A “nomination sale” refers to the process where, before the property is handed over, the original buyer transfers the original presale contract to another buyer. This transfer is documented and signed in the presence of both parties’ lawyers and becomes effective once confirmed by the developer.
Why buy a Nomination?
- Time Advantage The completion cycle for apartment projects usually ranges from 2 to 3 years, while the delivery period for townhouses is about 1 to 2 years. In most cases, nomination sale transactions occur within 1 to 6 months before the developer hands over the property. For buyers seeking quick delivery, choosing a nomination sale not only meets their needs but also avoids the hassle of a long wait.
- Price Advantage As the real estate market develops, property prices may significantly increase from the start to the completion of a project. For example, using data from 2022, a two-bedroom apartment might be priced at 850,000 Australian dollars at the start of the project and could rise to 1,000,000 Australian dollars by 2024. Even if the original buyer marks up the price by 100,000 Australian dollars at resale, the cost of buying the nomination still shows a clear price advantage compared to new market prices.
- Stamp Duty Advantage Stamp duty is calculated based on the amount when the first buyer signs the contract. Considering the adjustments to stamp duty by the government in recent years, opting to buy through a nomination sale can significantly save on this cost. For instance, if stamp duty was calculated based on the initial contract amount before policy adjustments, this would bring additional economic benefits to the buyer.
The cantilevered and stepped massing plays into the building’s sustainability benefits, as it forms balconies and green roofs that allow occupants fresh air and stunning views of the city. The building’s interior design plays a sustainability role as well, with “irresistible staircases” that offer unique terraces in the atrium and breathtaking views of the city. The goal: invite people to walk up the stairs rather than take the elevator, promoting physical health and energy reductions. One of the largest components of the building’s sustainable construction are the geothermal bores, a system that is essential for BU’s Climate Action Plan goal of net zero emissions by 2040. BU’s goals also put the university ahead of Carbon Free Boston, the city’s pledge to be carbon neutral by 2050. Suffolk’s team drilled and installed a total of 31 bores, each 1,500 feet deep, which will harness the thermal capacity of the earth for heating and cooling and eliminate the need to connect the building to a gas line.
Developed by Australia’s renowned developer MAB, the high-end residential apartment project Tempo is located in the most sought-after area of Box Hill. It boasts excellent educational resources from primary to university level, adjacent to top secondary school Box Hill High School, PLC, and the renowned Deakin University. The project occupies a prime location; just a 5-minute walk to Box Hill Train Station and a 20-minute drive to the city center, making it a transportation hub in Melbourne.
Tempo living is defined by the momentum and cadence of this new visionary community. Innovative lofts, sky homes and multigenerational apartments are designed with families in mind. They feature flexible interior layouts in refreshing new configurations that synchronise with each stage of life.
Tempo is perfectly situated in the coveted Box Hill Gardens precinct, rising majestically above the tranquil gardens to the north and the bustling shopping and dining precinct to the south.
Summary of Features
Prime Location | Located in the heart of Box Hill on Bruce Street, just a 5-minute walk to Box Hill Central shopping center and the large Box Hill Gardens.
Appreciation Potential | Box Hill has seen nearly a 20% growth over the past 5 years, with local property prices continuously rising, far surpassing other areas of Melbourne.
Educational Resources | A walk away from Melbourne’s fifth-ranked Box Hill High School, and a 10-minute drive directly to PLC and Deakin University.
Accessibility | Only a 20-minute drive to the city center, Box Hill is a crucial hub for trains, railways, and buses, serving as a major transportation nexus in the city.
Understated Luxury | Tempo features a modern architectural style with signature soft-light, high-ceiling designs.
Quality of Life | Surrounded by shopping centers, parks, hospitals, and more, ensuring a convenient lifestyle.
