๐๐ฒ๐๐ ๐๐๐ถ๐น๐ฑ๐ถ๐ป๐ด, ๐บ๐ผ๐ฟ๐ฒ ๐ฅ๐ฒ๐ป๐ผ๐๐ฎ๐๐ถ๐ป๐ด
Fewer people are building new homes, while more are renovating existing properties, according to the Australian Bureau of Statistics.
In August, owner-occupiers signed up for $1.52 billion of new construction loans, which was 64% lower than the peak of the building boom in February 2021 ($4.19 billion).
At the same time, owner-occupiers took out $516 million of loans for alterations, additions and repairs in August, which was 56% higher than in February 2021 ($330 million).
Now that the federal government is no longer offering the HomeBuilder incentive (which ended in 2021) and interest rates have increased, it seems many owner-occupiers have decided improving their current home is a better option than building one from scratch.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
