Tired of viewing open homes that are uninviting and in need of a major renovation? Unimpressed by apartments that have dank and worn carpet?
Perhaps, it’s time to grab a home loan and put it toward a brand new property. Just think about it; gleaming kitchen appliances, smooth floors without a dent in them and perfect, spotless walls.
It’d be an ideal place to start this new chapter in your life. However, finding these homes could be problematic in some real estate markets where the supply of new housing might be tight.
If you’re struggling to find housing ‘fresh out of the box’, there’s good news for you.
New real estate hitting Australia
According to the Australian Bureau of Statistics (ABS), there’s a flood of new real estate sweeping across the country and soon to hit the market.
An immense 211,976 new home constructions began in the year to June 2015. This is a record figure and represents an increase of 16.9 per cent over the previous year.
“That is a phenomenal result, which caps three consecutive years of growth for new home building,” says Housing Industry Association Chief Economist Dr Harley Dale.
Clearly, this movement in the building sector is a big deal and could mean great things for the market. As the availability of housing in certain capital cities has been dwindling, this activity will inject a much-needed boost of supply. It should also help remedy the dropping affordability of housing in many of these regions.
Out now in the market
If you feel like it’s time to get that Police Bank home loan and make the move, a new wave of freshly built homes are landing in the market – and more are about to.
Citing the ABS’ stats, the Property Council of Australia noted that 48,941 new homes had finished being constructed over the June quarter, which pushes the total annual completions to 189,239.
Multi-unit complexes made up 40.8 per cent of this figure.
“Multi-unit completions leaving the pipeline over the coming six months will be stronger than they historically have been, which is expected to provide options for those looking to buy and rent,” says the Property Council’s Executive Director Residential Nick Proud.
This means if you’re a fan of flat or apartment living, there’s plenty of new selections in store for you.
Get your home loan sorted
With such a vast range of new builds rushing into the market, there will surely be something to fit your lifestyle preferences. Whether you’re planning to make the plunge now or a little later down the road, remember to get in touch with a Police Bank Home Loan specialists to examine your financing options.