Builders and developers have begun 2013 with a range of financial incentives and discounts on new homes and house-and-land packages aimed at enticing new home buyers in what is likely to be another challenging year for the residential building sector.
New housing finance and building approval figures suggest there will be no swift rebound in demand for new housing.
There was a 10.3% fall in home loan commitments for new dwellings and a 0.3% drop in building approvals for new houses in November, according to seasonally adjusted ABS figures.
New home buyers can secure discounts in the thousands and sometimes tens of thousands of dollars on select blocks of lands and new homes in Melbourne, the Gold Coast and Sydney.
There are also generous first-home buyer incentives on offer from NSW, Queensland, Tasmanian and South Australian state goverments for those buying or building new homes.
Buyers should keep in mind that discounts and rebates may be factored into valuations by lenders when financing is sought.
These are some of the specials currently on offer.
Listed residential developer Peet is offering savings of up to $30,000 on “certain lots” in residential communities on the outskirts of Melbourne. The ‘Mega House and Land Sale’ is available until the end of January. The participating Peet communities are Aston in Craigieburn, Kingsford at Point Cook, Cardinia Lakes in Pakenham, Quarters in Cranbourne West and Livingston in Cranbourne East.
Listed developer Devine is offering to pay mortgage repayments for up to a year on behalf of approved purchasers who sign an unconditional contract to purchase a new Devine house and land package before February 28 2013 under its Devine Mortgage Break promotion. Repayments must be the minimum required repayments on a 30-year loan and interest only during construction. Property Observer calculates this would equate to savings of around $22,000 given a $300,000 mortgage over 30 years at the average standard variable rate of 5.98% (according to RateCity.com.au).
$22,000 - $30,000
Melbourne builder Carlisle Homes is offering a $30,000 discount off the retail price of double-storey homes and $22,000 off the retail price of single-storey homes in its luxury Affinity and T Range collections. There is currently no end date to this promotion.
Up until February 25 2013, Stockland is offering approved purchasers a$10,000 VISA gift card to spend as they wish. The VISA gift card will be on offer to buyers of selected land and house-and-land packages at four of Stockland’s NSW communities, includingMcKeachies Run in Maitland, Murray’s Beach on Lake Macquarie, Brooks Reach in the Illawarra and Bayswood at Vincentia on the NSW south coast. Prices start from $326,544 for a three-bedroom, one-bathroom, one-garage home.
Melbourne builder Eight Homes is offering $8,000 off the price of eight different designs of three- and four-bedroom houses. The reduced prices are based on a standard floorplan with E1 façade. The cheapest house starts from $131,900 (previously $139,900) for a four-bedroom, two-bathroom single-storey house rising to $241,900 (previously $249,900) for a four-bedroom, two-bathroom double-storey house. There is currently no end date to this promotion.
$76,000 - $126,000
Discounts of up to $126,000 are on offer for residential lots in The Highlands community in the Ecovillage, Currumbin Valley on the Gold Coast. The lots are just eight kilometres from Currumbin Beach and are up for sale under bank instructions, with the properties being marketed by Colliers International. Lots range in size from 2,800 square metres to 8,300 square metres set amidst 60 hectares of green mountain forest and creeks.
$5,000 to $25,000
Residential developer Mirvac is offering a range of rebates, free inclusions and land discounts as part of its Right Here, Right Now Summer Bonus campaign on specific NSW master-planned communities. In Elizabeth Hills, Mirvac is offering $25,000 rebate on specified land lots In, Ayre, there are discounts on offer on land from $5,000 to $25,000 as well as air-conditioning free of charge and upgrades included in house-and-land package prices valued up to $10,000. In Saddlers Ridge it is offering a split-system air-conditioning and upgrade packages included free of charge and value at $7,000. In its Hidden Waters community there is the offer a $5,000 landscaping bonus.