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    Why 2023 May Be the Best Year to Build Your First Home

    April 26, 2023  

    From finding a block of land to home design and construction, first-home buyers quickly discover building a new home is a big project. And as with any big project, the sooner you start, the better.

    Whether it’s a knock-down rebuild project or purchasing a house and land package, there’s no time like the present to start building your first home.

    Why Wait? The Benefits of Building Your First Home in 2023

    • Beat rising energy costs. Building a new home to make it climate-smart will help you dramatically cut the costs of heating and cooling, which are set to continue rising.
    • Rent money is dead money. If you have the deposit required for home ownership, paying rent to help someone else pay off their investment home is a waste of your hard-earned cash.
    • Older homes come with hidden costs. Maintenance costs on an older, established home will continue to rise as the property ages. Many of these expenses can be avoided by building a brand-new home.
    • Personalise your dream home. Whether you need extra space to work from home or to accommodate a large family, building your own home allows you to have a house design that will work for your lifestyle.
    • Beat the rising cost of building materials. As energy costs rise, so will the price to produce materials used in the construction process such as aluminium and cement.

    What Market Trends are Impacting First Home Building in 2023?

    • In NSW, stamp duty reform has made it easier for first-home buyers to enter the market with a lower deposit required by opting to pay land tax.
    • Despite a series of interest rate rises in 2023, property prices have not fallen as much as some experts expected. Lower listing volumes are also being seen.
    • Rent prices are forecasted to continue rising in 2023.

    All of these factors add up to it being harder and harder to find an established house to buy. A new build might be a more realistic option for many people in 2023.

    Why You Shouldn’t Wait to Build Your First Home

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