Words cannot describe the feeling of walking into your new home. Add to that the delight if you become the owner of a brand new build that no one has ever lived in before.
While the joy and pride of owning a new home are unparalleled, you must consider several other factors before taking on this huge financial investment. One of which is the predicted value increase of new builds.
This is the most common question new homeowners ask, and the answer to that is not a simple yes or no. Let’s explore why
Strong Growth in the Australian Residential Property Market
Before discussing the value increase of new home designs in Sydney, let’s explore Australia’s current residential property market. The Australian Bureau of Statistics reported that residential property prices registered their most robust annual growth in 2021 by 23.7% in 12 months.
The ABS started reporting about the increasing value of residential properties way back in 2003 and stated in its latest report that the value grew by $2tn to a record high of $9.9tn in 2021.
Each of the capital cities in Australia saw unprecedented growth, with Sydney registering a 26.7% surge in residential property value. So, suffice to say that the value of new home designs in Sydney can be expected to grow in the long-term scenario.
Factors Influencing Value for New Builds
Residential property values in Australia have risen steadily over time. While the value of an apartment does increase, the real gold is investing in the land. So, buying the land and building a house or opting for home and land packages from reputed home builders in Sydney could give you much growth.
However, the value of home designs in Sydney depends on quite a few factors. Let’s discuss them in detail.
- Quality and Build:
The house’s build quality and appearance make up most of the long-term value. A strongly built and well-maintained home is valued much higher than a house with weak built and poor maintenance.
The only way to ensure good built quality is to choose reputed home builders in Sydney. Whether you decide on experienced or new home builders in Sydney, make sure there is no miscommunication. The builder must be clear on your objectives and able to transform your plans into reality.
- Choose the Location Wisely:
Location and the neighbourhood play a significant role in deciding the value of your home. Be clear on this part before you decide to build your home. You can take help from new home builders Sydney to determine how big the development will grow after you start building.
For example, you love the green fields, which are a stone’s throw from your house. If the area gets converted into a motorway, trainline, or retail store, it will directly impact the value of your home.
In the same way, a good and flourishing neighbourhood will fetch more price for your home if you decide to sell it in the future. Local amenities like good schools, train stations, and retail stores significantly increase the demand for nearby residential properties.
- Stay in Your Home for a While:
Apart from making good memories in your home, there is quite an advantage in spending a few years in the house before putting it up for sale. Staying in your home for just a couple of years will not give the market sufficient time to catch up with your house’s high price.
So, if the price of your new home is higher than the older homes, then it’s best to stay put and allow the market to level up.
- Proper Maintenance:
As stated before, well-maintained home is valued much higher in the residential property market. Here’s how you can keep your home in top shape to retain its value.
- Keep the exterior walls of the house in top condition. You can use paint or varnish to keep the wood from decaying.
- Maintain the entrance of your home to create an excellent first impression.
- Keep the drains and gutters free from blockage. It is a common problem for all homeowners.
The best way to grow your property value is to contact a reputed home builder in Sydney. You can opt for display homes, construct your own house, or go for home and land packages to own your dream home that can fetch a reasonable price in the coming years.