Blog

2021 Property Market: Buy or Build?

With the housing market continuing to grow to new heights, the team at Davis Made Building explore in this article whether you should buy or build in 2021.

Pro’s & Con’s: Buying a Home

Off the back of the COVID-19 pandemic, the Australian housing market has absolutely exploded. With the combination of low interest rates, a lack of supply due to lockdowns preventing construction, and many city-residents moving out to enjoy the quiet of suburban or rural areas, growth in prices has surged in months at what it usually does over decades. Figures offered by Knight Frank as part of their global house price index showed Australian properties increasing 8.3% in the past year alone. After the HomeBuilder stimulus was introduced by the federal government, there has been more supply on the market, but the average house price has swelled in most areas across the country. For example, in the Mornington Peninsula, the median price of a property is $980,000, up massively from the $811,000 in 2019. This has led many feeling reluctant to enter into home ownership, especially for those new to the market. As mentioned previously, there are incredibly low interest rates available on loans, alongside legislation amended to allow prospective buyers to borrow faster and for less, which might offset the negatives for many. Regardless, it is definitely a market primed for the sellers of the field.

 

Pro’s & Con’s: Building a Home

Building a home, of course, isn’t as straightforward as buying an existing property. The variations in design and preparation needed on a plot of land across the country is endless and completely dependent on the end customer. While this may sound daunting, building your own home also means you get everything you could dream of in a property, designed exactly to your liking. Unfortunately, with the HomeBuilder program mentioned above, the construction industry has been elevated to six-year highs. Many construction companies and tradespeople have been stretched thin, adding weeks to delivery times and excessive markups on their materials and services provided.
 

Buying or Building – Making the Decision Right for You

With the pro’s and con’s mentioned above, our advice from Davis Made Building is that when you are deciding on building or buying in 2021, first consider where/how you plan to live by asking questions like the size of the home, where you would like it to be located, and the slope of land. That being said, with limitations and lockdowns in the city, many savvy, budding future homeowners are scouting available, affordable blocks of land that, with a modest, yet stylish home of their dreams, will come under the average medians we are seeing across the nation. All they need is to partner with a reliable, passionate team of new home builders to make it happen.

 

If you would like to learn more about your options to build, contact us at Davis Made Building today!

 

 

You might be interested: 

Prime Costs and Provisional Sums

Prime Costs and Provisional Sums

 What’s the Difference Between Prime Cost and Provisional Sum? Building a new home can open up a whole new world of intimidating and confusing construction jargon, especially if it’s your first time...

read more
Avoiding budget blowout

Avoiding budget blowout

Creating your dream home within budget can be a challenge when unforeseen circumstances or unexpected costs crop up along the journey. Thankfully, these can be minimised with plenty of preparation. ...

read more
What to look for in a quality builder

What to look for in a quality builder

A beautiful home is created through a dedicated team of designers and builders, who have the skills, expertise and experience to make your wildest dreams come to life. That’s why it’s so important...

read more
Elements of a coastal home

Elements of a coastal home

At Davis Made, we are privileged to be able to construct beautiful, luxurious coastal homes across the Mornington Peninsula. There is nothing quite like a breezy modern family home with incredible...

read more

Experienced Extension Builders with You Every Step of the Way

The expert team at Davis Made Building are passionate about taking time at the start of the building process to ensure your updated home is a reflection of you, your story and your unique lifestyle. We work with high-quality materials and draw upon expert craftsmanship to make sure your extension becomes a functional part of your everyday lifestyle.

Extension projects differ from new home builds as the existing home must be carefully considered. With years of experience in extension projects across the Peninsula, we understand the nuances of this kind of build and the complexities that can arise when extending. Our team are well equipped to deal with any challenges that may arise, ensuring the building process is seamless and stress-free for you and your family.

 

Speak with Our Builders About Your New Home or Extension in Mount Eliza Today!

If you are interested in learning more about new home builds, home extensions, or any of the other services we offer at Davis Made Building, please feel free to get in touch and our friendly team will be happy to assist.

You can call us directly on phone 0434 622 910, sending through an email with your preferred contact details to warren@davismade.com.au or fill out our online enquiry form on our contact page with the areas you wish to learn more on. Our builders are able to service clients and properties across Mount Eliza, Mornington Peninsula, Red Hill, and beyond. We look forward to hearing from you!