The unprecedented property price growth we’ve had, pockets of undersupply across many parts of Australia and slow income growth, has meant that families and young couples are still finding it hard to find affordable homes. According to a survey, the average first home buyer can afford around only one third of all homes in Australia, however this is even lower in Sydney, Melbourne and Perth.
First home buyers are being forced to compromise on their homes location, property type and number of bedrooms. But this isn’t all doom and gloom, home and land packages are still a desirable and affordable option for many buyers looking to enter the property market.
In fact, recent research shows that 25% of Australians who are looking to buy their first home within the next five years will look for a house to build. A house build on average is more affordable than buying a move in ready home, with savings reported to be around 14%. Home and land packages offer a good solution to the housing affordability crisis.
Some benefits of buying a home and land package –
You can choose the best design for you.
Home and land packages offer you the option to customise your home. With 72% of home buyers claiming they would like to personalise their space and structure, this gives you the flexibility to do exactly that. House and land packages and turnkey solutions are one of the easiest and fastest ways to buy a home that can be tailor made to suit a family’s needs.
Costs are clear
The price is normally pretty clear up front for home and land packages which is good for buyers whose finance is pre-approved. In many cases professional interior designers and architects are involved in every aspect of the design which ensures a high quality product without the costs associated with consultancy fees.
Up to 14% cheaper
A home and land package generally provides better value than an existing house in the same area. On average it costs about 14% less than a move in ready property.
First home owner grants
If you are buying your first home you may be eligible to receive the First Home Buyers grant. Each state and territory varies but there are a number of great incentives for first home buyers whether you’re buying a brand new property or buying land to build on.
Investor benefits
Because a home and land package is new, you’ll have a warranty if there are any problems. It will be easier to lease and likely to have few or no maintenance outlays. Plus, you can claim the maximum deprecation allowance on your tax return as new properties depreciate faster than existing properties.
Are you ready to find your perfect Home & Land Package? Parkvuehomes is a boutique financial services company offering expert financial advice. With over 25 plus lenders and over 500 products to choose from, we cater to all types of borrowers and our mortgage brokers work hard to get even the toughest loans approved.
