The age-old question: should I build a new home or buy existing? Unfortunately, there is no straight answer. It’s a highly subjective question and dependent on what you are looking for in your property.
Making the decision to purchase a home (whether a new or existing one) is by no means easy – not just for first home buyers, but for people experienced in the property market as well.
Despite some recent falls, house prices in Australia remain high after a period of record-low interest rates sent values soaring. However, it is also difficult to ignore the current state of the construction industry, with costs increasing and supply shortages still seen post-pandemic.
So, while there are pros and cons to both, the short answer is that it’s likely cheaper to build – particularly in the long run.
One of Brisbane’s newest land releases, Pallara is an up and coming suburb in the south. Located 17km away from Brisbane CBD, it is close to the Logan Motorway and boasts an average price of land per square metre of $1,200 (The Encore Element Estate pricing).
The median house price in Pallara for an established four bedroom home is $865,000, with double storey homes selling for a median price of $1.15 million.
Clarendon Homes’ popular Ashgrove 27 is a four bedroom, two bathroom, three living area single storey home that offers plenty of space to live, grow and play! You can build this home in Pallara with an Arcadia facade from $836,590* – well below the median price (with room to play). This price also includes our premium Luxe standard inclusions!
As you can see, it is worthwhile researching an area to determine whether it is cheaper to build new or buy existing as it can vary.
When determining whether you are going to buy or build, consider the following questions:
To discuss new home build options in your area, visit the nearest display village where our New Home Consultant’s will be able to assist.
*Price representative of Clarendon Homes’ June 2023 pricing.