Browse Forums Building A New House 1 Jan 29, 2022 7:39 pm Is now still a good time to build a new house (Perth metro) with the dramatic building cost increases due to material and labour shortage recently? It seems the cost is not going to drop in the coming few years. Anyone has a rough idea what is the minimum cost to build a single storey 3 bedroom 2 bath house? I know there are many factors to affect the price but still would like to know how the market is going. Re: Good time to build a new house? 3Jan 29, 2022 9:17 pm Hey jav2021 Welcome to the Forum The Tipsters are saying 2 years, which i believe is right on the money Slowing of demand, increased interest rates, improved supply chain, wage pressures, flattening of the economy, etc, etc. adds to the drop OT, Furthermore, If your builder has gone broke or in the process of defaulting, Insurance companies won't be paying out for a couple of years, so I've been told, any Confirmations? Still no harm in doing the plans, analysing the economic data and waiting... It then will be all about timing... Goodluck Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Good time to build a new house? 4Jan 30, 2022 3:06 pm StructuralBIMGuy Hey jav2021 Welcome to the Forum The Tipsters are saying 2 years, which i believe is right on the money Slowing of demand, increased interest rates, improved supply chain, wage pressures, flattening of the economy, etc, etc. adds to the drop OT, Furthermore, If your builder has gone broke or in the process of defaulting, Insurance companies won't be paying out for a couple of years, so I've been told, any Confirmations? Still no harm in doing the plans, analysing the economic data and waiting... It then will be all about timing... Goodluck I haven't heard anything about the insurance, but not surprised that it takes long to be paying out as there are so many home builders bankrupt across the country. Buying/building a house is a really long battle, the interest rate can significantly affect what is the total amount you actually pay for your house at the end. When the build cost drops because of increased interest rate, it also means you need to repay a bit extra for mortgage. I think the build cost will stay high at least for another 1.5 to 2 years, then it will drop slightly because of the labour fee decrease, it definitely won't be as low as before the Grants or Covid. And the material prices won't reduce much also, they usually get more expensive, never get cheaper even the construction boom ceases. I'm a picky person, buying an existing house is not really a good option to me, so looking at building a forever home because I know my owner is going to sell the property where I live winthin these 2 years. I don't want to go back to the nightmare of looking for a rental and moving all my stuff. It is a very hard decision to build a house now. Re: Good time to build a new house? 5Jan 30, 2022 6:55 pm jav2021 I haven't heard anything about the insurance, but not surprised that it takes long to be paying out as there are so many home builders bankrupt across the country. From what I've been told by those owners affected. The insurance companies aren't happy to pay out to complete their homes in the current market. So They are forcing them to wait until prices normalise... estimated 2 years? Owners can sell and move on...sorry state of affairs Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs 9 24816 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27740 1 13128 |