Property prices in Perth have declined nearly 15 percent from a 2013 peak, according to CoreLogic. Lessened demand has also led tradespeople and suppliers to cut their prices, with home builders passing the savings on to their clients. —
At the same time, leading indicators suggest that Perth's market will begin a recovery this year, with both property and trades prices set to climb thereafter. As one of Perth's leading 1 and 2 storey home builders, Novus Homes suggests that 2019 could be one of the best times to build a new home in recent history. Building now while costs are still low and before the recovery gets fully underway will almost certainly mean getting a great deal.
"Picking the right time to have a new home built is not always easy, but we believe that 2019 is looking like a great option for many," said Novus Homes representative Damian Will. "While Perth property prices ticked down again toward the end of last year, most experts now believe that a recovery is in the offing. Trade rates have also rarely been more reasonable, with overall project costs now being about as low as could possibly be expected. Our 2 storey narrow lot home designs and other options are making for some truly unprecedented deals for our clients, as a result."
Median home prices in Perth hit record highs in 2013, cresting just before shorter-term peaks recorded in Sydney and Melbourne a few months later. While the latter two cities have experienced significant ups and downs since, the story in Perth has been one of steady property price declines for nearly six years.
That has also put the Greater Perth home building industry in what a Perth Now report from last June described as "its worst slump in 20 years." As a result, trade and supplier rates have declined right along with property prices, making home building now more affordable than at any time in recent history.
At the same time, a number of leading economic indicators suggest that things are set to turn around for Perth in the near future. A December 2018 report from Deloitte, for example highlighted how Western Australia had officially emerged from recession and had the potential to "take advantage of shifting sands in the global economy."
With costs now being so low and the economic outlook improving, Novus Homes is ready to help clients make the most of the favorable home building conditions of the moment. The Novus Homes website also includes a number of informative, free resources, like a guide titled "How Do I Choose The Best Builder in Perth?" that will be of interest to many.
About Novus Homes:
For more than 25 years, Perth-based Novus Homes has been building luxurious, award-winning one- and two-storey homes that epitomize the best life has to offer.
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