by Marshall Cobb - Head of New Projects
Residential property experienced “unprecedented growth” over the last 3 years according to the Master Builders Australia, with more than 200,000 new dwellings per year “a feat unmatched in our history”. They also reported that 2017/18 will top 195,000 and average around 185,000 thereafter, and that we need to build at least 185,000 new dwellings each year for the next five years, to keep pace with population growth. Read more...
Along with the residential construction boom, did you know that there are more than $170 billion in infrastructure and transport projects underway and in the pipeline? All good news, right?
Well its certainly good news for the long-term viability and liveability of our cities - but it’s not so great for the residential builders who are dealing with huge price hikes in concrete, steel and labour as they compete for resources with the massive infrastructure works.
And rising construction costs certainly won't help the Governments desire to make housing more affordable, in fact, some projects may be delayed and/or shelved as unviable. Less stock under construction combined with our continued population growth can only put further upward pressure on prices.
Our advice - buy property in Sydney! It's the one punt you won't regret!