IT’S A GREAT TIME TO BUY A BLOCK AND BUILD
We’ve been through a lot over the past few months – and most of it totally unexpected. Drought, horrendous bushfires and just when we thought we’d emerged from those, Covid-19 landed upon us to test
our fortitude even further. But we’re emerging from that challenge, looking to the future, no doubt stronger and more resilient than ever!
Throughout those challenges our regional property market stayed strong. Sure, isolation played havoc with open house events, inspections and auctions but we navigated that ‘new normal’. Vendors, buyers and tenants returned. Properties were listed and sold. Tenants settled into new residences. Life went on and the property market continued.
And as our property market finds firm ground, the building industry has been given a boost from the federal government in the form of a $25,000 grant for homebuilders and renovators. The grant is targeted at middle income earners and for new homes or major renovations valued between $150,000 and $750,000. For renovations, the pre-renovation value of the home must not exceed $1.5million and granny flats, swimming pools, shedding and other structures not attached to the property are excluded. While some will find these parameters somewhat limiting, the grant’s ability to stimulate home construction and achieve its aim of building of some 30,000 home by Christmas 2020 is very exciting.
The scheme will work in conjunction with existing state and territory first-home owner grant programmes, stamp duty concessions and other grant schemes including the federal government’s first-home loan deposit scheme and first-home super saver scheme.
A condition of receiving the grant is that building must commence within three months. Consequently, in the weeks preceding the announcement, as rumours of additional funding circulated, we’ve seen a significant upswing in buyers seeking blocks of land in an effort to be on the front foot as soon as the grant became official and their respective applications received the coveted rubber stamp.
Every effort to boost housing and assist associated industries rise from the challenges of the past few months is a positive; a catalyst for strength across all sectors of the real estate and building industries, which are very much inter-connected. This bodes well for regional areas such as ours, now seeing a spike in enquiries from urbanites who, after three months of confinement in the city are turning to the coast and country where housing affordability and the quality of life are driving a shift in priorities. R and R Property has a number of lovely residential blocks across our five office areas: Stroud, Bulahdelah, Gloucester, Forster and Raymond Terrace. Call, or drop by and chat with our experienced and highly professional team of local experts. We’re here to make your property dreams come true and right now is a wonderful time to explore those options.
