For first home buyers, the Australian property market can be a tough one to enter. In today’s volatile property market, housing affordability is on the down slope for first home owners. The latest ABS statistics even reveal that that first home buyer activity, measured as the proportion of all owner-resident lending, is the lowest in 23 years.
Stephen Thompson, managing director, Allworth Homes said, “Most first home buyers buy an established property, and in most places across Australia, first home buyer grants do not apply to established property, only new stock. This is where first home buyers should take advantage of the array of benefits of building a new home. Not only just the financial benefits but the building benefits as well.”
Allworth Homes outlines the key benefits of building new for your first home
• First Home Owners Grant. Contact your relevant government authority for specific information on your specific benefits. For example, here is the NSW relevant authority.
• Stamp duty exemption. This also means you don’t have to save up extra for the cost of stamp duty, you can put all your hard earned savings into the housing deposit.
• Determine how your home will look. Building a new home gives you a blank slate to work with, allowing you to choose all of the decorative features that you prefer. New means low maintenance and more energy efficient as a result of being constructed with the most up-to-date materials, saving you money in the long run.
• You can watch it grow from the ground up. Also, it’s completely brand new when you move in!
• You get to choose your own land/where you’d like to build. These days, vacant land and new residential communities are popping up all over the place. Master planned estates offer lifestyle you might not have expected including things like – retail, new schools, cafés, community facilities, parks and much more.
• Newer homes are more attractive when you’re looking to resell. You can capitalise on the increase in value, rather than pay it to someone else by buying an existing home.
• Take advantage of new transport routes and local employment opportunities. Transport routes (vehicle and public) are being vastly improved around new areas with major infrastructure spending. Local employment zones being established too. There could now be more opportunities for you to work closer to home.
Ready to discover a new home? Take a look at our display home designs to find your fit.