While the price of virtually everything has gone up in the last 12 months, no industry has been hit quite as hard as construction. Fortunately, over the past few months, most builders have been able to adapt their processes and found ways to quote more accurately, so construction in 2022 is less of a surprise than being in the midst of rapid change in 2021.
There is much to be said about this topic about the factors that help or hinder successfully building in 2022 but the fact remains that our capital cities are still experiencing a significant rental shortage. Tight vacancy rates, especially in markets with <1 vacancy, have tenants under a lot of rental stress (high competition and rising rents).
So, the answer is that no, we can not afford to stop building because our population needs somewhere of quality to live. Therefore, the ability for investors to build successfully is integral to providing the rental supply that is desperately needed in many parts of Australia.
This means the question is about ‘how’ do you build successfully and a key part of the answer is ‘how to choose a builder’ for your investment project.
Emma Allen, our Director, recently contributed her ‘expert opinion’ in the October edition of Your Investment Property Magazine with tips on ‘Things to look for when selecting a builder’. Click here to download a copy of the magazine and read our article on Page 22.
If you could like to learn more about investing in the current climate or how we select builders, please call 1300 449 974 or start here.