6 reasons to buy new over established in 2023

January 10, 2023

When it comes to buying your dream home in 2023, the idea of ‘out with the old and in with the new’ has a lot going for it.

There are some very good reasons for this, ranging from lifestyle shifts to environmental benefits and unique market conditions.

Here are just six reasons why buying new over established could be just the thing for you in the year ahead.

1. Could be cheaper and easier

If you’ve been thinking about customising your home to your current needs, you’ll probably be weighing up whether it’s better to renovate or build new.

Renovating an established home can turn out to be a lot more costly, difficult and stressful then you anticipate. Your grand plans might end up being thwarted by limitations around old foundations, immovable frames or aging connections.

However, with a new build, you can choose the floorplan, features and stylings that suit your needs, explains Anne Flaherty, economist at realestate.com.au.

“Buying new gives you a greater level of control over the fit out of the property,” Flaherty says.

“When you move in, everything is already the way you want it, rather than purchasing and then having to renovate.”

New homes are more sustainable, lower maintenance and perfectly designed to meet modern lifestyle shifts, points out Annette Mengel, sales manager, Pacific Harbour.

“People want more open-plan living, modern kitchens and bathrooms and that lovely alfresco experience,” she says.

“Buyers also want the space to work from home. New homes can be specifically designed for these reasons.”

They can also work out to be cheaper — particularly if you’re looking at doing a costly kitchen or bathroom reno.

Mengel says if you’re dreaming of a brand-new kitchen or bathroom, then the costs will start to tip in favour of a new build. Adding new plumbing and gas connections or retiling large areas can quickly see renovating prices spiral.

“If your dream kitchen fit-out in a new build was $50K of the total contract price, that same kitchen being retrofitted to an existing house could well be double that — possibly more,” Mengel says.

2. Reduce maintenance 

Relaxed modern lifestyles and home maintenance don’t go hand in hand. The beauty of buying new is that upkeep will be minimal.

“You’re not constantly fixing things like you are in an old property. You have up-to-date warranties for building and appliances,” Mengel says.

3. Future proof for climate change

A growing reason to opt for new is futureproofing for climate change.

Flaherty says buyers are willing to pay more for sustainable designs and features such as insulation​, energy efficient heating and cooling​ and glazed windows.

“In Queensland, there’s extremely strong demand for solar panels. Yes, they’re good for the environment, but they’re also really good for saving on bills,” she says.

In fact, PropTrack’s recent Energy Efficient Housing Report shows 90% of all searches for energy efficient features in the past 12 months have been for solar power — something which is easier to build into new properties than to retrofit.

Searches for energy efficient features by state

1

Buying new also means you can have confidence that your home has a Nationwide House Energy Rating Scheme (NatHERS) rating of 6 stars.

4. Beat building price rises

It might seem contrary to headlines of rising interest rates, but there are some good financial reasons to buy new. One is to beat the rising cost of building.

Mengel says that in Queensland, new building codes are set to come into effect in May 2023, which will demand higher energy efficiency standards and will have upfront cost implications. That said, they should offer some energy cost savings over time.

5. Waterfront land becoming more scarce

For buyers seeking the ultimate South East Queensland waterfront lifestyle, opportunities will only get scarcer, explains Flaherty.

For example, across the state, the number of new house and land projects across the state decreased by 25% across the two years to September ’22.

“Australia has a very long coastline, but there’s limited space for new communities and people don’t want to live just anywhere,” she says.

“If you’ve got a waterfront area in a well-located, desirable suburb, those properties are going to be hotly contested.”

Waterfront options such as Pacific Harbour on Bribie Island by QM Properties are rare buying opportunities, Mengel explains. The development also offers parkside and golf course-fronted land, just a short walk from the ocean.

“We’re in the last stages of selling the residential community, so it really is your last chance to buy land and build new there,” she says.

Bribie Island is 80% environmentally protected land, so very little space is available for more development, she adds.

6. Great new communities

Last but not least in favour of buying new is the chance to access the perfect community for your interests and stage in life.

For example, Bribie Island attracts downsizers, families and professionals looking for the perfect work-from-home haven.

“Bribie Island is really premium when it comes to access to nature, but, at the same time, it’s got a real community feel,” she says.

Amenities are also key to the perfect community and Bribie Island has everything buyers need at their doorstep.

“There are plenty of shops, so even though you’re on an island, it’s very connected.”

Land at Pacific Harbour starts from $549,000 for waterside lots and $1.2 million for canal land. New home and land packages start from $850,000 to $2 million.

Mengel adds that when building and buying new, your neighbours will have likely done the same and will be keen to forge lasting connections.

“There’s a population of 18,000 on Bribie Island. We have 30km of white sandy beaches, there’s surf lifesaving, boating and fishing. It’s a real seachange lifestyle.”

Source: www.realestate.com.au

You might be also interested in

Cover
Construction cost growth ‘returns to trend’
A reacceleration in the quarterly pace of growth for national construction costs is suggested to be a return to trend rather than a new surge, according to CoreLogic. The Cordell Construction
VIEW POST
1
Rental market to reach ‘tipping point’ in 2024: Domain
Domain’s Dr Nicola Powell told the Savings Tip Jar podcast the rental market will likely ease some time next year as more renters buy property or move into share houses,
VIEW POST
A
Monthly Housing Chart Pack – January 2024
Here are the must know stats, facts and figures on Australia’s residential property market. Annual growth in home values have seen ups-and-downs while rent values have increased at more than
VIEW POST
A
6 strategies to help you renegotiate your home loan and save money
Home loans are at their most expensive in 11 years, prompting a mad scramble among heavily mortgaged homeowners to either switch lenders or negotiate a better deal with their existing
VIEW POST
2
Richmond: Where you’ll find everything from cheap street food to luxury furniture
Richmond’s Barkly Gardens are popular with locals. Photo: Greg Briggs Bridge Road is back. The news from Richmond has the ailing retail strip shucking off the doldrums and getting a
VIEW POST
F
Home prices set to break new records in 2024, with three cities tipped to outperform all others
Stage three tax cuts, soaring population growth and lagging housing supply could see national property prices rise up to 4% over 2024, and as much as 8% in some capital
VIEW POST
Cover
Monthly Housing Chart Pack – December 2023
Each month the CoreLogic Research team puts together a Housing Chart Pack, with all the latest stats, facts and figures on the residential property market, such as the combined value
VIEW POST
1
Aussies amp up energy efficiency in homes as cost of living soars
With the cost of living higher than it has been in decades, homeowners and renters are looking for ways to reduce bills and save some money. Those living in homes
VIEW POST
1
V shaped recovery: CoreLogic’s national Home Value Index reaches a new record high in November
Australian dwelling values have regained the losses from the recent downturn and surpassed their previous peak to reach a new record high, CoreLogic’s national daily HVI shows. After reaching a
VIEW POST
Capi 8cd9a038e605c41aa7b1a59f8f1ea9c1 Daa52a4bb98eb325ce90a37b6b0e33eb
Victoria housing affordability: Less than a fifth of Victorian homes are cheaper to buy than rent | PropTrack
Less than a fifth of homes in Victoria are cheaper to buy than rent, according to PropTrack. Less than a fifth of Victorian homes are more affordable to buy than
VIEW POST

Get your Free Property Guide.

Here goes your text ... Select any part of your text to access the formatting toolbar.

Get your free Sales Report for 6 reasons to buy new over established in 2023

Get your free Sales Report for 6 reasons to buy new over established in 2023

Subscribe to hear the latest

Start The Conversation Today.

Call us on:

1300 850 730

Request a Callback:

Send us a Message:

Privacy Policy

Get your Free Property Guide

Get your free Suburb Report for 6 reasons to buy new over established in 2023

Privacy Policy

Who we are

Suggested text: Our website address is: https://motionproperty.com.au.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection.

An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year.

If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser.

When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select “Remember Me”, your login will persist for two weeks. If you log out of your account, the login cookies will be removed.

If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website.

These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue.

For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where your data is sent

Suggested text: Visitor comments may be checked through an automated spam detection service.

Get your Free PDF copy of Make Money Simple Again