The hard facts about Perth’s current housing market
Between astronomical rent prices and lengthy wait periods with some building companies, it’s no surprise that Perth families are fed up. Rents have increased by over 20% since April last year, according to the July Domain Rent Report for 2021. There are stories from families who have been told they will be waiting for up to 3 years to build, due to consequences from the grants in June 2020…
So, how did this happen?
“The government gave you how much?!“
Building incentives from June 2020 gave tens of thousands of dollars in grants to families to build a home of their own. The state government’s Building Bonus grant and the federal government’s HomeBuilder grant gave the WA community a red-hot crack at owning their own home.
And, with such juicy grants available, it’s no wonder that every man and his dog wanted in on the action.
However, the roll-on effect of the grants has not been hunky-dory. The Australian Bureau of Statistics gave us a glimpse into the impact of these incentives – from 936 house building approvals in March 2020, to 2744 approvals in March 2021…
It’s fair to say that these grants packed a punch, but WA hasn’t absorbed the sudden demand for building very well.
We know you’re sick of hearing it but, yes, it’s all COVID-19 related
The government made it significantly easier for West Aussies to build, but with such a huge influx of new clients, coupled with the constraints on material imports due to COVID-19, this created lengthy delays for some company’s build times. Lucky not all of us bit off more than we can chew!
COVID-19 has brought restrictions on shipping containers and timber shortages nation-wide, adding to delays in the building process. Contributing to the shortage in access to timber are the 2019/20 Australian bushfires, which devastated some plantations. (And when 80% of housing timber is sourced within the country, this makes a pretty big difference.)
On top of this, lockdowns have led to the inability for recruiters to hire interstate (not to mention, international) workers, increasing the need for skilled trades.
Who doesn’t love a waitlist?! (Us. We don’t.)
If you’ve heard about the 3-year-long building journey for some Perth families on the news recently, you’re probably freaking out. We certainly would be!
What if you didn’t have to wait 3 years for your dream home… Plenty of our grant-receiving clients are already enjoying the perks of owning their own homes! With New Sensation Homes, your dream home will come to life in just 16 weeks from slab to key handover. Bet they didn’t offer that lovely piece of information in the news program!
We have our own team of trades ready to go, and we’re paying top dollar to make sure they can get the job done to the best quality, despite the curveballs COVID-19 has thrown our way. We’ve all had to adjust over the last couple of years as this situation evolves, but at New Sensation Homes our focus always has been and always will be our client’s experience. We’re committed to providing you with an unforgettable home building journey and want to help you design the perfect space for your lifestyle.
New Sensation Homes will get you into your new home just 16 weeks after your slab goes down. We’ve got the trades and we’ve got the materials––all we are waiting on is you!
Adapting to the situation is what we do best, and we’ve been doing it for years. Move over COVID-19, we’ve got slabs to pour and dream homes to create.
Whilst some of the government grants have ended, not everything has vanished!
First homebuyers can enjoy up to $24,440* in government grants and incentives, which our trusty finance team will help you with.
Before building, most of our clients thought they’d need a 20% deposit, a high annual income and to have no debts… But after a quick chat they realised this just isn’t true!
We have options for low-income earners, can offer low and NO deposit packages, and provide debt assistance options too! All it takes is a quick chat about your scenario and what you’re looking for to get into your own home.