We are building second home (in Melb), and are thinking to build a 48SQ double storey with Metricon. However, with the skyrocketing build costs, we are unsure if we should build now or wait?
We have paid initial deposit for 12-month price lock as Metricon claims that in 12 months their price could be increased by another $50k-$70k. Is that fair statement?
On top of that, should we build with Metricon at all, given their current situation (some people say Metricon are currently undergoing some sort of financial investigations)?
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The 48SQ double storey with Metricon we are building is going to have fairly high specs, but our estimated build cost (including greenfield site cost and developer guidelines) has already gone over $700k... Is that still a fair price even in today's market? Would banks think a build for $700k (in Melb) is way too much?
Do you reckon build costs are ever going to drop in future?