As there are more new builds on the market in Victoria, relocating could be more attractive than renovating a property.
This is the suggestion of the Real Estate Institute of Victoria (REIV), who noted that there had been 24 per cent more houses built in the area in the last three years than over the three years before.
REIV said that the increased choice in housing could offer more options to those deciding whether to renovate or relocate. It added: "Those making that choice will find that there is a ready supply – better than has been the case for a long time – of new homes which may be more attractive than renovating."
One of the aspects that may have helped to spur construction work in the area is the rising interest within the property market. This has been proved recently by the high clearance rates at the weekend housing auctions.
Increased construction work could stand to encourage more first time buyers to purchase a house. Particularly following the increased provisions for people buying new properties using the First Home Owner Grant.
Posted by Craig Francis