DATA from realestate.com.au has revealed enquiries for new developments have surged since the federal government’s HomeBuilder scheme was announced in June.
The REA Insights New Homes Snapshot for July shows enquiries to developers nationally jumped by almost 63 per cent in June, with land estate enquiries experiencing a 93 per cent lift over the month.
REA Group executive manager of economic research, Cameron Kusher, said the spike in June followed a bullish 53.9 per cent increase in May, suggesting the announcement of HomeBuilder led to a further surge in the already increasing interest in new properties.
“I expect to continue seeing high levels of enquiry to developers as buyers look to capitalise on government incentives and historic low borrowing costs that are currently available,” Cameron said.
“First home buyer activity increased 28.5 per cent in June when looking specifically at email enquiry on realestate.com.au, and it’s likely some of this activity was a result of the HomeBuilder stimulus announcement.
“It’s no surprise that land estate new development is benefiting from HomeBuilder given the package is geared towards new builds, there are restrictions on construction timeframes that inhibit apartment development, and the Australian dream is to own a house.”
Dahua Group’s marketing and sales manager, Michael Ching, said there had been a notable enquiry increase in the group’s Tarneit-based development Orchard.
“The announcement of the HomeBuilder scheme saw enquiries in Orchard Tarneit increase by 200 per cent in June as compared to enquiries recorded in May. As a result, we have released more land lots to cater to the increased demand.”
To view the full REA Insights New Homes Snapshot for July report, visit REA Insights at realestate.com.au/Insights and follow REA Insights at linkedin.com/showcase/reainsights.