Planning for your dream, luxury home doesn’t need to start next year. It doesn’t even need to start tomorrow. You can start planning your development property right now to take advantage of an ideal property market. Further, land values currently offer you the best value for your money. Join us as we discuss why you should start planning your development property now.
Don’t Hesitate to Plan
When it comes to developing a property, you don’t need to hesitate. Depending on the size of your project, it could take two or more years to finish. As a result, you don’t need to officially start until you see market recovery. However, planning for a project can begin immediately.
Better Value for Land
Planning your development property now means you can also get better value for your land. You can take your time to ensure that you utilise every aspect of your land and make it work for you. Further, Melbourne is still one of the faster growing states in the country. As a result, there is still demand in premium suburbs. Planning your development property now means you can decide when and where to market your development.
Negative Sentiment in the Market
Finally, planning your development property now will help you navigate negative sentiment in the housing and property market. Sentiment toward housing has been consistently negative since February this year. Further, in Victoria in particular, sentiment has been more pessimistic than optimistic since June. It is no surprise, then, that as growth in dwelling values continues, sentiment continues to decline.
While this hasn’t stopped growth values there have been more substantial declines recently. Further, monthly building approvals have fallen below peak levels and auction clearance levels have fallen below peak highs. This could also be due to the fact lenders are increasing mortgage rates for both investors and owner-occupiers. Not only is there some evidence that consumer sentiment is cooling on the housing market, it also suggests that the housing market is at its peak or just past.
As a result, now is an ideal time to begin property development planning. You can set all your plans in stone and then monitor the market for the ideal time to build and invest.
If you would like to know more about planning development properties, contact the team at Virgon today. We have over 30 years experience in property development, project management and building expertise to set you on the right track!