Developers ‘scrambling’ to keep up with HomeBuilder demand
THE introduction of the Federal Government’s HomeBuilder scheme this month is predicted to have such a high uptake in the region that all available blocks of land are set to sellout and developers are now “scrambling” to have more ready before the end-of-year deadline.
Glen Winney, president of the Fraser Coast Property Industry Association and owner of WIN Projects, said this week the “new, but good” problem for the market meant that currently it was “first in, best dressed”.
“We are not going to have enough titled blocks ready before December to meet the demand,” Mr Winney said.
The government package has been designed to stimulate the construction sector with $25,000 cash grants available for people to use to renovate their properties or build new homes.
WIN Projects manages estates including The Springs, Kingfisher Gardens, Ocean Blue, Baylinks and several smaller estates, and Mr Winney is forecasting that all titled land will sell based on current demand and the influx of buyers and inquiries.
“In the last three weeks alone we have sold over 25 blocks of land in these estates and several house and land packages,” he said.
“We’ll probably run out of titled land in the next couple of weeks.”
He said developers were working to complete the civil works necessary to prepare new land for sale.
“They’re scrambling now to try and bring on future land really quickly,” Mr Winney said.
He said seven out of 15 blocks at the Kingfisher Gardens estate had sold, and he had been talking to developers about bringing forward an early release of stage four so land could be available before the December 31 deadline.
The Ocean Blue estate is also sold out and The Springs has four titled lots available.
“We are trying to bring on over 30 more lots pre-Christmas. But the demand is far outweighing the current supply.
“There’s a lot of excitement.
“Our market is probably better than a CBD market because $25,000 towards a $400,000 house has a lot more impact than towards a $700,000 house in Brisbane.
“This is motivating people who have been sitting on the fence – they’re making decisions because there’s a timeline,” Mr Winney said.
The stimulus funding – which is available for owner-occupiers not investors – stipulates that the land must be bought and a contract with a builder signed by the cut-off date.
Mr Winney said there had been a “massive increase” in general inquiries.
Buyers, he said, were also able to buy off-the-plan units, another area where demand was increasing.
“It looks like the stimulus package will have a very positive effect on our local market and will keep the domestic builders very busy.