Buyer's guide / Off the plan vs completed

Off the plan vs completed apartments: how to compare them.

A fixed price you cannot inspect against a finished home you cannot discount. This guide puts the two side by side on the things that decide it: the valuation at settlement, the concessions only a new home gets, the tax treatment, the timing and the protections. Have your solicitor or conveyancer review any contract before you sign.

General information only · Not personal advice · Sources checked 28 October 2026

Published by Off Plan Properties. When you are ready to decide, our property team, including licensed real estate agent Breige Quinn, is a call away.

The short answer

One is a price you fix now. The other is a value you can test now.

Buying off the plan means paying a deposit today and the balance when the building is finished, at a price agreed today. Buying a completed apartment, new or resale, means inspecting the actual home, getting it valued and financed, and settling in weeks. Every difference below follows from that.

Choose off the plan when

You qualify for a concession that only a new home gets, you can carry a valuation gap at settlement, you want the choice of apartments a launch offers, and you have time.

Choose completed when

You need certainty on finish, timing and finance now, you are stretching to the limit of your borrowing, or you want to see what the building and body corporate are like before you buy.

Not set on new? Some Gold Coast and Northern NSW homes sell privately before they reach the portals, and this guide to how an off-market sale works explains the process.

Side by side

How to compare off the plan with a completed apartment.

Question	Off the plan	Completed apartment
What you pay	The contract price, fixed at signing. A deposit now, the balance at completion (CommBank).	The negotiated price, settled in weeks. What you see is what you get.
What the bank lends	Lenders will not loan you any money until the property is built and they have valued the finished product and re-evaluated your financial situation (CommBank). NAB says approach the bank roughly three months before settlement and expect a reassessment.	Valued and approved before you are bound, or during a finance condition.
What you can see	Plans, a display suite and renders. The Queensland Government's first listed risk is not being able to see the final result until after you've bought the property (updated 13 April 2026).	The apartment, the building, the neighbours and the common property.
Timing	The ABS measured 2018-19 apartment completions at 6.66 quarters, about 19 months and four weeks (ABS, 2019). The sunset date in your contract is the only timing that binds.	Settlement in about 30 to 90 days by agreement.
Stamp duty, Queensland	First home buyers: nil duty on a new home, no value cap, contracts from 1 May 2025 (QRO, updated 31 July 2026).	First home buyers: concession under $800,000, full at $700,000 or under, saving up to $24,525 (QRO, updated 31 July 2026).
Stamp duty, NSW	First Home Buyers Assistance Scheme applies to new or existing homes. Owner occupiers can defer payment up to 12 months (Revenue NSW, updated 22 June 2026).	Same scheme; duty payable within 3 months of signing.
Depreciation	Brand new depreciating assets bought as part of a brand new property are deductible, plus capital works at 2.5% for 40 years (ATO, updated 22 June 2026).	In most cases you can't claim a deduction for second-hand depreciating assets after 1 July 2017. Capital works on the building still apply (ATO).
2027 tax reforms	From 1 July 2027 negative gearing of residential property will be limited to new builds, and buyers of new builds can choose the existing 50% CGT discount or the new indexation and minimum tax (Treasury).	An established dwelling bought after 7:30pm AEST 12 May 2026 is subject to the new rules (Treasury).
Body corporate	In Queensland the developer must hold the first AGM within 2 months after more than 50% of lots are sold or 6 months after the scheme is established (Queensland Government, updated 30 April 2024). In NSW levies may not be specified or even known when properties are advertised; ask for the initial maintenance schedule and the fees (NSW Government).	Years of minutes, budgets, levies and a sinking fund to read.
Changes to what you bought	Queensland: you can back out within 30 days of notice of a change causing material prejudice. NSW: 14 days from notice of a change in a material particular, with compensation capped at 2% of the price if you settle (state government pages).	Nothing changes between contract and settlement except by agreement.
Cooling off, NSW	10 business days, forfeiting 0.25% of the price if you withdraw.	Usually 5 business days (NSW Government).
Deposit	Held in trust until settlement in both states (Queensland Government, updated 13 April 2026; NSW Government).	Held in trust until settlement.
Building cover	Queensland Home Warranty Scheme does not cover multiple-unit dwellings more than 3 storeys above a car park (QBCC, 1 August 2024). NSW: no Home Building Compensation cover above 3 storeys; instead a 2% strata building bond with inspections at 15 to 18 and 21 to 24 months for buildings of four or more storeys (NSW Government, updated 29 June 2026).	Resale: defects are yours to find at inspection. New completed stock: the same cover rules apply, with less of the bond and warranty period left.

The number that decides it

What the finished apartment is worth on the day.

The contract fixes the price. It does not fix the lender's valuation at completion, and the gap between them is cash you must find at settlement. ANZ's worked example: a $600,000 purchase, a $420,000 loan and a $500,000 valuation give a loan of 84% of value, above the point where lenders' mortgage insurance usually applies. Before you sign, compare the contract price per square metre with recent sales of similar apartments nearby, new and resale. Our settlement valuation calculator runs the cash you would need at five valuation outcomes and compares the contract $/sqm with comparables you enter.

A new apartment usually sells at a premium to resale stock in the same suburb. The premium is not the problem. Not knowing its size is.

Before you decide

Five checks that settle the comparison.

1. Your concession

Run the stamp duty calculator for a new and an established home at your price. For a Queensland first home buyer above $800,000 the difference is the whole duty bill.

2. Your buffer

Could you settle if the valuation came in 10% under the price? If not, a completed apartment valued before you commit is the safer path.

3. The comparables

Three recent sales of similar size and age in the same suburb, with internal areas. Compare $/sqm with the contract.

4. The developer and builder

Licence, past completed buildings, and whether the builder is locked in. See the buyer's guide for the questions.

5. The contract

Sunset date, deposit, change clauses and the body corporate budget. Our contract clauses guide lists what to read, and your solicitor advises.

Questions

Answered, with sources.

Is it better to buy off the plan or a completed apartment on the Gold Coast?

Neither is better in every case. Off the plan fixes the price now, settles later, and carries concessions that only a new home gets: in Queensland a first home buyer pays no transfer duty on a new home with no price cap for contracts from 1 May 2025, while the concession on an existing home stops at $800,000 (Queensland Revenue Office, updated 31 July 2026). A completed apartment can be inspected, valued and financed before you commit. The Queensland Government lists the off the plan risks as not seeing the final result until after you have bought, unexpected delays, market price changes between contract and settlement, and contract clauses allowing cancellation (updated 13 April 2026).

Does the bank value an off the plan apartment at the contract price?

No. The lender values the finished property at completion. CommBank says lenders will not loan you any money until at least the property is built and they have performed a valuation of the finished product and re-evaluated your financial situation. ANZ gives the example of a $600,000 purchase with a $420,000 loan valued at $500,000, which puts the loan at 84% of value. With a completed apartment the valuation happens before you are committed.

What is the stamp duty difference between a new and an established apartment?

In Queensland a first home buyer pays nil duty on a new home, including off the plan, for contracts dated 1 May 2025 or later, with no value cap. On an existing home the first home concession applies under $800,000, is full at $700,000 or under and saves up to $24,525 (Queensland Revenue Office, updated 31 July 2026). In NSW the First Home Buyers Assistance Scheme applies to new or existing homes alike, and owner occupiers buying off the plan can defer paying duty for up to 12 months (Revenue NSW, updated 22 June 2026).

Can I claim depreciation on a completed second-hand apartment?

Only the building, not the fittings. The ATO says that in most cases you can't claim a deduction for second-hand depreciating assets after 1 July 2017, and gives the example of a buyer who can't claim the decline in value of assets that were all previously used. A brand new apartment bought as part of a brand new property still qualifies (ATO, updated 22 June 2026). Capital works on the building are claimable at 2.5% a year for 40 years from completion in both cases.

How long does an off the plan apartment take to complete?

The only official average is old. The ABS measured 2018-19 completions at 6.66 quarters, about 19 months and four weeks, for flats, units and apartments, up from 5.84 quarters in 2015-16 (ABS, released October 2019). Timing on any current project comes from the developer and the sunset date in the contract, not from an average.

Looking at a specific development? Ask the AI adviser, or request project information and our property team will go through it with you.

Sources