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Lure of building strong for young renters

Penelope ThomasThe West Australian
Indio by Celebration Homes.
Camera IconIndio by Celebration Homes. Credit: Joel Barbitta/D-Max Photography.

As Perth’s rental vacancy rate hit record lows this year and the price of rentals increased relatively sharply once the moratorium was lifted, many Western Australian tenants have decided to stop renting and build new, according to experts.

If you are puzzled by how people can easily transition from renting to building, Celebration Homes General Manager Stuart Jeffs recently spoke with New Homes about the different incentives encouraging tenants to do just that.

“With rent costs rising and the demand for established homes being squeezed, understandably more West Aussies are choosing to build their own home,” he said.

“For renters on the cusp of buying a home, there is far less competition when buying a block of land and building your dream home, compared to joining dreaded queues at home opens, rising auction prices and fighting for the limited number of established homes for sale.”

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In addition to affordability and the lack of availability of established properties, Mr Jeffs said building your own home could bring you a level of satisfaction and accomplishment that you just couldn’t get from buying an established home.

“Finding a home that matches your needs, style and personality in the established market is slim to none,” he said.

“Plus, there is something truly special about living in a home that you have created from scratch.”

Discussing the driving force behind this change in consumer attitudes, Mr Jeffs said grants from both the State and Federal Government had helped fuel the uptick in new homebuilders.

“As intended, the stimulus provided by the government sparked a boost in new home sales,” he said.

“The incentives gave many people an opportunity to escape the rent cycle and own their own home. Notably we did see many first homebuyers enter the market to build their long-term dream home as an alternative to staying in a rental property.”

Over the past 12 months, Mr Jeffs said most clients at Celebration Homes were looking to build larger family homes that they would grow into in years to come.

“The newly developed suburbs have been popular for this, as the land is more affordable and clients can gain access to bigger blocks,” he said. “Therefore, this is more accessible for those seeking a spacious family home.”

CONTACT

Celebration Homes

9202 2300 (Perth)

9792 0577 (South West

www.celebrationhomes.com.au

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