It is difficult to determining the right time to build a new house - you'll need to take into consideration the economic conditions, market trends, personal circumstances, and regulatory factors.
Considering all those elements (not withstanding your personal circumstances), here are some key reasons why 2024 might be considered the right time to build a new house in Sydney:
Economic Stability: If the economy is stable or growing, it can be a good time to invest in real estate. The interest rate rises have stopped. The banks are probably going to be a little more forthcoming in the months to come - they need to make a living by lending the money to clients! It may make it easier to secure financing for construction projects.
Market Demand: The demand for new houses has never been greater. There is an acute shortage of housing in Sydney. Building a new house could present a lucrative opportunity. High demand typically leads to better resale value or rental income.
Government Policies: Keep an eye on government policies and incentives related to construction and real estate. If you are a first home buyer, you could get grants, tax breaks, or other incentives to encourage home construction.
Construction Costs: Construction costs fluctuate over time due to factors like material prices, labor rates, and regulatory changes. The price pressure on building materials and labour is easing. It would be advantageous to proceed with a building project now.
Infrastructure Development: If you live in and around Sydney, you could not escape the unceasing infrastructure development projects all around. From building new motorways to improving the public amenities, the government is on a spending spree. Check for planned or ongoing infrastructure projects such as transportation improvements, schools, parks, and commercial developments around your building site that might increase property values.
Personal Circumstances: Consider your own personal circumstances and timelines. Building a house is a significant commitment in terms of time, effort, and finances. Keep in mind that historically, house prices have never really gone down. In the medium to long term, you'll always come out ahead if you start the building process earlier, than later.
Ultimately, the decision to build a new house in 2024 depends on a combination of these factors, along with your specific goals, preferences, and circumstances. It's essential to conduct thorough research for due dilliegence. Let us know if you have a project for us, and we'd be happy to help!