WHILE economic pressures and constraints have made some people think twice about embarking on home building, the tides are turning and the abundance of titled land signals a good time to build.
“Waiting could be the difference between paying $25,000 or more extra on land. In the next three years, we will see prices going up and you won’t be able to purchase a block for less than $300,000, or you will find that there is nothing on the market to buy,” said Rocky Gagliardi, director of Gagliardi Scott Real Estate.
“Now is the ideal time to buy with titled land readily available, which means the land is build-ready and less time until you’re in your new home. Plus, with many projects winding up and new stages opening around Shepparton, I predict over the next six to 12 months, builders could be offering really good incentives for customers to come in and look at designs.”
Rocky said that build times and costs have also eased, making this an advantageous time to purchase land. While pandemic related disruptions to supply chains saw material costs swell and labour become more expensive, data suggests pressures are easing. CoreLogic’s Cordell Construction Cost Index (CCCI), which captures changes to construction-related expenses, reported the smallest increase in the June 2023 quarter since September 2020.
It’s vitally important that anyone planning to build takes advantage of this unique time where the availability of titled land and capacity of builders have met in perfect harmony, creating a buyers’ market.
But it won’t last forever. New stock of available land will continue to become scarce, pushing prices up and it is important that if you’ve ever dreamed of building that you enquire before the tides turn against you.
