Should you consider building a custom home during the COVID-19 pandemic or should you wait?
Something that so many Aussies looking to build their new custom home are asking themselves is whether right now it is the right time to start the process of their home build journey or should they bide their time and wait?
We can all understand the trepidation that is felt when it comes to building a new home after there has been so much uncertainty caused directly by the knock on effect of the COVID-19 pandemic.
With the pressure being felt across most industries world wide, the construction industry of course has also felt the repercussions of lockdowns, closed borders and the reduction of consumer confidence.
Information provided by the Master Builders association states that the HomeBuilder grant (initially $25,000 and now $15,000), together with the Queensland government’s $5,000 boost in the regions, will perform well to carry the housing sector through until the end of 2021.
It also states that demand for new housing under HomeBuilder has totally exceeded any expectations with the Treasury providing a report that applications to date are more than three times the initial forecast. In Queensland there have been more than 18,100 HomeBuilder applications so far, including 3,335 renovation applications. These totals are second only to the state of Victoria.
In saying that, there has also been a surge in demand amongst those wanting to build a home without access to HomeBuilder. Under the current climate people have been reassessing their priorities and funds that can’t be spent on those planned trips away are now being diverted to deposits for savings.
There are more and more people discovering the countless reasons why we all love South East Queensland so much and what it has to offer, which is why they are now using the opportunity to move to our beautiful state and build the dream home that they have always envisioned. How disappointing would it be for you to miss out on your perfect block of land simply because you did not act fast enough whilst this influx of out of state Australians make their move and migrate here.
Queensland is hugely outpacing the other states when it comes to interstate migration, which should come as no surprise, attracting a net total of 7,237 people in the three months to September 2020 alone, which is when the pandemic was still at its peak. This figure has only continued to rise since then.
One of the most important and appealing reasons why now is a great time to consider building your new home is that demand is slowly showing signs of steadily increasing across the housing sector so a little more scarcity and urgency is beginning to show.
What this means is that you may be looking at emerging problems of trade shortages and price hikes in labour and materials in the near future which may only increase as we approach 2022. As you may be aware, with shortages come price hikes to manage the demand and supply chain more effectively. All of a sudden being priced out of the market is a very real possibility and could be on the horizon if you do not act fast enough.
As construction is considered an essential service, it is vital to keep our economy as strong as possible as we maneuver through lock downs, international trade wars and overcoming the understandable fear people have to make such a large investment in what appear to be relatively uncertain times.
Housing forecasts provided by Master Builders now state that throughout 2021 nearly 30,000 new homes will be built in Queensland. While this is considerably better than what was projected at the outset of COVID, the reality is that this is still 3 per cent down on the previous year and a far cry from the 50,000 new builds back in 2016.
Now this may seem contradictory to the details just quoted regarding the increase in demand across the sector however there is always a silver lining. Whilst the build forecast is just 3% down at this stage for 2021, it does mean that quality bespoke builders are inevitably more accessible and able to fill earlier construction slots to build your home before prices escalate further and timeframes blow out to many more months or even years before you set foot inside your new home.
United together we will not only make it through these strange times but rise above stronger than ever. This is entirely possible as long as we remain accurately informed and put our confidence into an industry that is keeping us all moving in the right direction despite the obstacles or doubts we are confronted with.
Most importantly, you will come through this period in history not solely focused on the pandemic, but remember it as the time in your life where you finally built the beautiful custom home that you have always desired.
So, given these details provided by a trusted industry leader and the now greater understanding of how the Queensland construction industry is fairing throughout these times, does it make sense for you to strongly consider why now IS a great time to consider building your new custom home?
If the answer is yes, then why not get started today and click on the link below to gain inspiration from our luxury home design range and begin your journey to building a beautiful custom home on the Gold Coast or Sunshine Coast.
If you are still unsure whether now is the right time for you, why not give us a call or send us a message and we would be more than happy to discuss your options and answer any questions you may have.