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IT HAS NEVER BEEN A BETTER TIME TO BUILD A NEW HOME, SHOP AROUND FOR INVESTMENT PROPERTIES OR RENOVATE YOUR EXISTING HOUSE!
As the Australian housing market continues to show weakness, market buyers looking to either build a new home or buy an existing property and renovating have the luxury of casually shopping around to find the best deal. Buyers currently have complete leverage over sellers at this moment in time and this is clearly evident with the massive drops in listing prices we have seen throughout parts of Sydney, Melbourne and Perth. As a result, the building industry remains very competitive with a reduction in construction costs being a common trend around many parts of the country. Despite the opportunities for local and international investors, many are not jumping in right away as they are anticipating for house and land prices to become even lower.
Attractive design and build packages from custom home builders are very popular in the eastern states and is starting to gain traction over in Western Australia. It truly has never been a better time to build a custom designed home as market buyers can grab a great deal on land and also get a substantial discount on the construction whilst the market is down.
How long will this window of opportunity last?
The honest answer is that no ones knows exactly how long the housing market will remain flat, however, industry professionals and the big banks forecast that most Australian cities will experience ongoing weakness throughout 2018, followed by some stability in 2019. Based on consensus predictions, it may be safe to assume that within the foreseeable year or two, the Australian housing market will continue to be a buyers market. If you're thinking of building a new home, this window of opportunity may be the best time to get the most bang for your buck!