Research indicates that Australia is headed toward a construction boom. Industry spending on home building appears to be on the rise. Property building is a resourceful solution in Australia, where home prices are surging beyond affordability for many home buyers.
Stirling, Australia -- (SBWIRE) -- 06/12/2014 -- Retail spending and housing construction are two areas that are responding to low Australian interest rates.
The pipeline of proposed property construction in Australia is high. Foreign investors from China and the Gulf have taken a special interest in building properties in the Australian marketplace.
This is due in part to the special visa for foreign investors who bring more than $5 million AUD into the country.
Interest rates remain at their low of 2.5 per cent, making Australia a ripe market for building investment. The total value of projects in Deloitte’s investment monitor database for March was $878.8 billion. This figure is up 1.4 per cent from the previous three months.
Projects already under construction or committed totaled $442.3 billion and showed signs of increasing.
Indications show that it is getting harder to find affordable housing in Australia’s major cities. With the exception of certain inner city suburbs, housing prices have risen continuously over the past year in cities like Sydney, Brisbane, Melbourne, and Perth.
First time home owners in Australia may be taken aback by the high list prices. One of the best ways for first home owners to offset the high cost of housing is to build their own home.
Building in Australia
There are countless benefits to building your own property. In many Australian states, first home owners are eligible for extra grant money if they build their own home. Those grants can be worth as much as $7,000.
Building also allows home owners to choose the perfect location. Cities can be overcrowded, with limited space for building. Home owners who wish to buy an established home can expect to spend innumerable hours looking for the best location. There are many concerns to take into consideration, such as which neighbourhoods are the safest and which have the best access to public transport and amenities.
Smart Financial Investment
Building additionally is a smart financial investment for homeowners. Neighbourhoods that are reasonably priced now can have great growth potential. Plus, building your home will help you save on the inevitable repair costs of old homes. In the current housing market, building can be a smart choice for many people.
About Aveling Homes
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Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
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