Why Now is The Best Time To Build Your Custom House [2020 – 2021]
You’ve decided on building a house? The next decision is to plan when to begin and which company to choose. The ‘when’ is important to avoid costly delays because time is money and cost blowouts are the biggest bugbears in the custom home building process.
The weather and seasons aren’t the only things to consider when building a house. There’s the state of the nation when grants schemes begin and end, and the availability of builders – not to mention the effects of the global Coronavirus pandemic and the restrictions.
However, the good news is, the Australian economy is picking up after the beating it has had over the past year and things are beginning to slowly head back to some kind of normal.
At Hale, our success is seeing that you’re satisfied.
You can rely on us – we’re the most trusted and best custom builders in the Melbourne property market.
Economy Picking Up Slowly, Returning to Normal After Recession/Coronavirus/COVID-19 Lockdowns
The COVID-19 restrictions have eased considerably now in most Australian states and we’re doing so much better than overseas countries, but until we get a vaccine, the threat of outbreaks is still there. And more restrictions can stop a building site in its tracks.
While the national economy is very slowly picking up and returning to normal, Victoria was the hardest state hit by the Coronavirus, and restrictions were the tightest and longest. This meant construction in Melbourne was hampered by limits on how many workers were permitted on building sites for about three months according to the Reserve Bank’s November 2020 Statement on Monetary Policy.
Government Extends Cash Grants for Housing Construction
Part of the economic recovery is due to the Federal Government’s HomeBuilder scheme which has been extended. The scheme offers cash grants for housing construction projects and was going to end in December, but has been extended until the end of March 2021, albeit at a lower amount.
The new rate means:
- Building contract signing deadlines extended until March 31 2021.
- After December 31, the grant’s value is reduced to $15,000.
- Construction must begin within six months of contract signing.
- In NSW, price caps for new builds increased to $950,000
- Price caps $850,000 in Victoria and unchanged in other States.
Hale specialises in premium home builds, multi-residential, and commercial properties. You can choose from a full spectrum of our custom building services.
More Construction Companies Available and Ready For Work: Fewer Delays
The Australian construction industry is resilient, however, several factors including the recession and COVID-19 have disrupted work and reduced productivity. But with health authorities and states getting a handle on managing COVID-19 outbreaks and now with fewer restrictions there will be more tradies and workers available for construction works.
The added stimulus packages announced by Premier Daniel Andrews in Victoria and the Federal HomeBuilder scheme means more labourers on-site, which means fewer delays.
In 2021, it’s expected the trajectory towards economic recovery will strengthen, which will support residential building projects.
Lower Interest Rates on Loans
Home building has also received boosts in 2020 with three interest rate cuts by the Reserve Bank in 2020 and commercial banking following the Reserve by cutting their interest rates almost immediately. This has helped home builders and property buyers needing to borrow.
While the Reserve was not expected to cut rates again in December, the flow on helped COVID-19 limits on the number of tradies and labourers allowed on building sites lifted, especially in Victoria, makes 2021 a promising year for beginning a home build project.
The Best Time of the Year to Build a Custom House
Spring and Autumn are probably the best time of the year to build a house in Australia. These seasons are less likely to experience rain, extreme heat or cold and high winds which slow down build times, and often work has to stop altogether.
How long does it take to build a house in Australia? An average custom house can take from four to 12 months to complete. So getting the timing right to minimise delays and the added costs accrued is key. So, even though our springs are now much warmer, and summers leak into autumns, they’re still the best times to complete a custom house faster.
Build your Dream Home with Confidence at Hale – Experts in Custom Home Construction
Hale is all about providing a seamless custom home building experience, one you’ll love just as much as you’ll love the result. Our stress-free, personalised approach will reassure you that you have put your confidence in a reliable, skilled and experienced company.
At Hale, we deliver on promises for stunning custom homes that boast functionality, sophistication, and timeless character. We only use premium quality materials and work to the highest specifications and plans, carefully refining processes to deliver a product that will turn heads for all the right reasons.