Building in a Boom
Consumer confidence, record high resource prices and the building grants have all contributed to boom times for the WA economy. We have managed, so far, to evade the worst of the pandemic and we are reaping the rewards of social distancing and working together to keep the vulnerable in our community safe. With international travel off the cards and the government offering huge incentives to build a new home, the WA housing industry is seeing record numbers of clients looking to build their new home. So what do you need to know about building in a boom?
While boom times seem great, they also have their challenges. One of these is the availability of labour and materials. The media has been all over the labour shortage of housing trades in WA. There are only so many earthworkers, bricklayers and electricians to go around and ongoing border closures are only exacerbating the situation. Behind the scenes though, there are also labour shortages in areas of local councils, WA Planning Commission, engineering, finance etc. The time that it takes to get regulatory approval and/or finance for your new home is blowing out from 4 – 6 weeks to 3 – 4 months. This is before your builder can even begin to look at starting works on site.
Factory closures and international shipping challenges has also seen shortages in the supply of some building materials and finishing items. Worldwide timber shortages are making international headlines and builders are receiving notifications from suppliers that standard items are no longer available. This has translated into increased costs for both the builder and the client.
But it’s not all doom and gloom! The current situation has it’s challenges but by working closely with your builder, they can be overcome. All it takes is open communication, proactive preparation and a willingness to work together. By letting clients know in advance of any potential concerns, everyone has the opportunity to do their research, prepare any documentation required and negotiate a solution. It’s by building relationships and working together as a team that we can achieve your dream of moving into your new home.