Now is the perfect time to build a home in Western Australia, according to a new joint marketing initiative by the Housing Industry Association and the Urban Development Institute of Australia.
This is the opportunity many have been waiting for. Who knows when these types of conditions will return. For some people this might be the best chance they have to make their dream home a reality.
‘Build Now in WA’ is a new campaign established to inform the market, particularly first homebuyers, of the benefits of building in the current market.
The campaign offers six reasons for why now is the time to build before “the inevitable return to better times”. UDIA Chief Executive Allison Hailes said economic circumstances were changing, and signs showed a market transitioning to recovery mode.
“This means it is a buyers’ market and the best time to buy land, build a home and watch your investment value increase as property prices inevitably begin to rise again,” she said.
Ms Hailes said the campaign encouraged people to make the most of a combination of record-low home loan interest rates, affordable house and land packages, lower required home loan deposits, a trend towards new home investing, generous incentives offered by leading builders and developers and an increase to the First Home Owner Grant in WA. “We have all the planets aligned in terms of the ultimate buying conditions,” she said.
Her view was shared by HIA Executive Director John Gelavis.
“This is the opportunity many have been waiting for to break into the property market,” he said.
“Who knows when these types of conditions will return. For some people this might be the best chance they have to make their dream home a reality.”
The benefits extend further than the buyer. According to Summit Homes Group General Manager Metro Tony Harvie, the impact of the favourable economic conditions is already being seen through increased consumer interest in the early stages of homebuilding.
Mr Harvie said the benefits of the current market also extended to builders, evident in the quality of homes being built at the moment.
“From a builder’s point of view the things we look for are a steady supply of good quality trades and having a steady workflow, rather than a boom-oriented workflow – this is very important when you look at speed and quality in housing,” he said.
“There are a couple of things people can take advantage of now. We tend to be able to get people to site within four months and can build a house for them within four months, and the home quality at the moment is exceptional.”
Summit is one of the builders currently offering a substantial added incentive for buyers to enter the market – the company is running a promotion through its Easystart Homes brand for a limited time, offering to match the First Home Owner Grant of $15,000 cash-back for those building for the first time on models in its easy and display ranges.
Mr Harvie said there was a number of substantial incentives and offers in the market at present which made it a great time to build, but cautioned against going for those ‘too good to be true’ offers, advising first homebuyers to do their research.
“Developers are very aggressively doing business with first homebuyers, particularly on affordable land,” he said.
“Builders have got lots of different types of promotions, and jointly there are a lot house and land package incentives to be found.”
Overall, Mr Harvie said the Build Now in WA campaign showed now was the time to get excited about building new in WA.
“You don’t often get these two bodies coming out unanimously saying it’s a great time to build,” he said.
Originally published in The West Australian New Homes Liftout on March 4, 2017.