Why is now a good time for property development?
The housing crisis has left numerous people searching for a place to call home, and there are still extremely limited options available. We understand the challenges that this brings, and we believe that developers have a crucial role to play in providing housing opportunities.
Considering property development at the moment could be a good decision due to several reasons.
Firstly, prices and rates in the construction industry have stabilised in the last 6-9 months, making it easier to accurately estimate costs. This allows builders to provide more precise quotes, ensuring that you are aware of the financial aspects involved.
Additionally, there is currently a low occurrence of delays with early trades such as earthworkers, grano workers, bricklayers, and roof carpenters. Although some of the later trades may still be in high demand, this is expected to subside soon and should not significantly impact those starting the building process now.
Furthermore, the implementation of the Medium Density Codes has been deferred. This means that if you haven’t yet finalised your design, you still have time to obtain planning approvals for up to 3 years using the existing rules. This flexibility allows you to take full advantage of your block and ensure that your construction plans align with your vision.
Overall, the current circumstances in the construction industry make it a favourable time to embark on a building project. The stabilised prices, reduced delays, and deferred Medium Density Codes offer an opportunity to build with greater accuracy, efficiency, and long-term planning possibilities.
