The cost of building a new home continues to soar! CoreLogic’s Cordell Construction Cost Index (CCCI) for Quarter 3 of 2022 showed national residential construction costs increased at a record rate in the year to September 2022, the highest annual growth rate, excluding the period impacted by the introduction of the GST (10.2% over the…
Australia’s appetite for home renovations remains strong, with around A$1 billion worth of alterations and additions to homes approved in July. But rising interest rates and shortages in labour and material may have some would-be renovators wondering: is this still a good idea? Here are five questions worth considering. 1. What would a successful renovation…
With so many mixed messages currently surrounding property I thought I should give you some insights based on my close to 5 decades of experience in property and having built what some would suggest is a very substantial property portfolio. According to our big banks, Australians must brace for the worst housing correction on record…
What influenced Australians to no longer consider buying or building a home? According to Compare the Market’s latest research, 40.6% of Australians that were intending to build pre-COVID-19, one in ten have changed their mind and are no longer interested in pursuing a new home. The most common reason why people had given up their…
It happens every year. The TV show “The Block” inspires a new wave of investors keen to get involved in renovating and “flipping’ properties. Just to make things clear “flipping” is where you purchase a property and then sell it within a short period of time for a higher price, usually having added value…
It’s a tough time to build or renovate a house in Australia. Prices are up, well above inflation. Finding materials and getting them on time is a challenge. Builders are grappling with too much work and stress (with some folding as costs rise too fast). Customers are being confronted with eye-watering price quotes. And as…
What’s behind the recent slump in home building approvals? For two consecutive months now, approvals to build new dwellings have fallen, with the most recent Building Approvals release from the Australian Bureau of Statistics showing that there has been a 2.4% decrease month-on-month in the number of dwellings that have been approved. Digging deeper, the…
There’s been a great deal of talk about whether repeated and prolonged lockdowns will impact housing prices, but the fact remains that the two “lockdown” cities have experienced recent price booms, while those with the weakest price performance have been lockdown free. Since the onset of the COVID-19 virus with all those lockdowns and restrictions…
The remarkable house building boom of the past year continues unabated with another record month of activity and no sign of easing any time soon. The ABS reports that the number of capital city house building approvals surged again over March to a new record monthly total of 10,075. The March result was 12.6% higher…
The federal government advised last week that over 121,000 people had applied for grants under its $2.5 billion HomeBuilder scheme, which closed at the end of March. It is estimated that around 80% or just under 100,000 of these grants we issued for new builds. The government has now given builders until 30th September 2022…
