Builder bonuses bring peace of mind to Victoria's first home buyers
As Victoria's housing market struggles to meet the government's target of 80,000 builds a year, builders are coming up with their own solutions to help tackle the housing crisis.
From development giants such as Stockland to housebuilders including Fairhaven, there is plenty on the market for buyers looking to get on the property ladder in Victoria.
The latest figures from the Australian Bureau of Statistics showed building approvals fell by 3% in August, suggesting Victoria will fall short of its target of 80,000 new homes by 25,000 over the next 12 months.
Bonus incentives are a way to help first home buyers who initially struggle to secure a property in an environment fraught with slow approvals, high interest rates, high rents and high living costs.
MORE:
![svg%3E](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
New housing estates in Victoria could see a boom with attractive offers from developers and builders, with Stockland's First Home sale offering savings of up to $70,000.
“First home buyers are finding it increasingly difficult to own a home. Saving a large enough deposit to buy a home while renting is difficult, and high interest rates have reduced their borrowing capacity,” said Cameron Kusher of REA Group.
“First home buyers are feeling pressure from interest rates and the cost of living and could really use some extra support to make their dream of home ownership a reality.”
Here are three new home incentives to help buyers get a jump start in Victoria, in addition to the Government's $10,000 First Home Owner Grant.
First home sale – Stockland
's First Home sale cuts $40,000 off the cost of a block of land and offers up to $20,000 in additional savings through builder partners on eligible home and land packages. These include major builders such as Simonds Homes, Henley Homes, Metricon Homes and Homebuyers Centre.
When combined with the First Home Owner Grant when buying or building their first new home, Victorian buyers can save up to $70,000 – sweet relief in tough times.
Stockland is offering $60,000 off house and land packages at properties around Victoria, including the Lyra development in Beveridge, north of Melbourne. Image: provided
Stockland Victoria Communities General Manager David Allington said the initiative was designed to make home ownership more affordable and allow first home buyers to enter the market sooner.
“The first house the sale will help first home buyers enter the market and when used alongside the Victorian Government's $10,000 First Home Owner Grant, first home buyers can save up to $70,000,” Mr Allington said.
Available in more than 100 of Stockland's Victorian communities, the two- to four-bedroom homes are priced between $400,000 and $650,000 – with most falling in the middle of that range.
Most of the homes will be single-storey to guarantee completion by Christmas next year, and the offer is currently available until mid-November.
MORE:
Warranty during construction – Fairhaven Homes
Another hurdle faced by would-be homebuyers is balancing the rent until they move into a new building. In the case of delays, the need for short-term accommodation can have an unexpected impact on the buyer's income.
It analyzed 18 months of work in which more than 94% of homes were started and completed on schedule, with some completed up to 4.5 months ahead of schedule.
Fairhaven's full crew is building Sasha and Kishi's Victorian home, with their construction start time and completion guaranteed. Image: provided
As a result, Fairhaven offers construction start time and construction completion for Simplicity, Bridgewater or Elegance homes.
According to Fairhaven's research, there are significant savings to be made if a builder completes a project ahead of schedule—tenants awaiting construction can save up to $10,000 in some cases if the builder meets agreed-upon timeline milestones early. .
“Providing a guaranteed window of when construction will start and finish goes a long way to providing flexibility around the day-to-day budget, especially for any living expenses … you'll know how long the process might take, so you can plan accordingly.” ” said Benjamin Smarrelli, general manager of Fairhaven Homes.
“Based on our experience, we are confident in guaranteeing every new customer (and) we are committed to delivering on our promises with construction timelines, initial and fixed prices.”
Fairhaven offers a construction start time and construction completion guarantee for Simplicity, Bridgewater or Elegance homes. Image: provided
MORE:
Free site charges – Sherridon Homes
New home builders may not realize that site costs, such as clearing and preparing land for construction, are usually additional costs to the base home price.
The New Living Collection takes the mental and financial burden out of this with an offer that includes free site fees for their homes and can save homeowners tens of thousands of dollars.
“Embracing the uncertainty of changing site conditions ultimately provides peace of mind for our customers who are concerned about hidden costs, and lowering the barrier to entry for new home construction will make building a new home more affordable in these challenging times,” said Simon Mandragona, general metro sales manager, Sherridon Homes.
Sherridon Homes eliminates site costs associated with land preparation for construction in its New Living collection. Image: provided
“For example, customers buying a plot of land up to 600mm will save around $14,990 to $18,990 depending on the size of the house.”
This includes all earthworks, site demolition up to 600mm, removal of all rock, up to grade H2 slab, fully excavated concrete footings and backfilling up to 1000mm.
Looking to find a builder in your area? Check out our review division.
Table of Contents
