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Could Now Be The Time To Build Your Home?

Builders have reduced prices on home construction in a bid to generate work.

A study by MCG Quantity Surveyors (“MCG”) found that the current building and renovation climate was the most competitive it had been since the Global Financial Crisis back in 2009.

This is great news for those looking to build their first home, or expand their real estate portfolio.

The downside is Housing Industry Association (“HIA”) predicts a 50% decrease in builds next year.

HIA leader, Graham Wolfe comments “In 2018-19 the industry engaged over 1 million people to commence building almost 200,000 new homes. Next year we expect to start just 112,000 new homes, leaving up to 500,000 jobs at risk“.

MCG director, Marty Sadlier, noted there has been a dramatic drop in builders’ quote figures across May 2020.

Mr Sadlier states “If you’re planning to sign up a builder, now is the time to do it. You have their attention 100 per cent and they’re not trading your job off against another potential client. Furthermore, there is no delay in subcontractors getting quotes back to their builder clients”.

Confidence to build is expected to increase as COVID-19 restrictions ease.

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Reference

Tilley, E, “Recovery quandary: time to build or buy?“, The Courier Mail, 30 May 2020

This article is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.

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