Perth, WA - In this fiscal year, New South Wales built more homes than Victoria for the first time since 2004.
Roughly 50,000 new residential building projects were started this year in New South Wales. There were only 47,000 that already commenced construction in Victoria during the same period.
According to the Housing Industry Association, New South Wales will remain the biggest home builder across Australia for the rest of the decade. Victoria’s starts are expected to decline over the next few years.
Western Australia has also taken the lead on the new home building recovery. Approximately 27,000 new home building projects were started there this year.
Nationwide Construction Recovery
The Housing Industry Association expects that the residential construction recovery will continue forward. They forecast a 10 per cent rise in housing starts this financial year.
In total, Australia is expected to have 180,000 new construction projects started this year. However, the chief economist of HIA, Harley Dale, is not nearly as hopeful for next year’s projections. The current rapid pace of growth will experience capacity constraints in the near future.
Ever since the global financial crisis, new home building has faced challenges. Immediately after the crisis, new starts were at their lowest followed by a short one year recovery. The latest rebound in construction didn’t take off until 2012.
Benefits for Building Versus Buying
There are additional perks to building versus buying a home. Although construction starts on property are often fuelled by large investment companies and overseas investors, individuals can also build the home of their dreams.
Building a home allows for more creativity over the property, location, and house features. It can be designed exactly to one’s individual fancy and constructed within a reasonable time frame. Many families elect to build homes in the up and coming areas of Australia’s largest suburbs. Once their mortgage is paid off, they can either resell the home or enjoy the luxury of an increasingly gentrified area.
Financial Benefits of Building
In addition to the benefits of owning a personalised asset, there are also a number of financial benefits to building a home. Building means that everything inside and outside the home will be completely new. The walls and structure will be freshly built from the most up-to-date building materials.
On the other hand, established homes often require refurbishment, redesign, and remodelling after their previous owners move out. These can sometimes arise as hidden costs, taking new home owners by surprise.
Many Australian states favour building. In some states, first home owner grants are available only for those families who decide to build their first home. In other states, there are thousands of additional dollars available for home owners who build instead of purchasing an established home.
Western Australia has many quality builders who can offer advice on building a new home.
About First Home Owners Centre
FHOC is the First Home Owners division of HIA award winner Aveling Homes, one of Western Australia’s most quality focused building companies. What this means for you is that above all else, quality and affordability is what you can expect when you choose FHOC.
Visit the FHOC website at http://www.fhoc.com.au for more details about our services and available financing options for first time home buyers. Our financial experts work with you each step of the way to build the home of your dreams.
First Home Owners Centre Contact Information
24/7 Sales Enquiry Line: (08) 6144 1088