Land Blocks & House & Land Packages Key Facts
Subdivided lots or blocks as they are commonly known are offered to the market as either as a registered land parcel or an unregistered land parcel. It is important for a buyer to understand the key differences between registered and unregistered lots as this affects timeframes for building a home.
Registered Land blocks are the subdivided land lots that have been registered with the NSW Land Registry Services. This means that the developer has completed the subdivision of the large land parcel and completed all of the relevant paperwork to create a new property identification code (Lot and Deposited Plan reference). A registered land lot means that you can build immediately with the required approvals.
An unregistered lot has not yet undergone registration with the Land Titles Office.Buying unregistered land is sometimes referred to as buying "off the plan". Unregistered land is sometimes offered to the market by a developer at varying stages during the subdivision process. This may occur prior to developer obtaining development consent. This may also occur once the developer has obtained their consent for development where land is sold either prior to or during the construction of the subdivision.
Buying a land block or house and land package
When purchasing a land block or house and land package, it is important to thoroughly research the proposed lot you are buying. It is also important to consider the existing amenity of the area as well as the future plans for the suburb to ensure that it meets your needs.
This is particularly important when considering newly developing areas as the timeframes for the delivery of infrastructure such as road and public transport as well services such as shopping centres may lack certainty. Conversely, newly developed areas provide potential property growth opportunities and may suit your lifestyle and investment requirements.
