Is now a ridiculous time to renovate or build?
To say the last 18 months has been a whirlwind would be an understatement! Countless new enquiries, many many projects, a baby (congratulations Jesse!) and recently, a new office, has kept us running full throttle, and finally now have a little breathing space to step back.
As you're probably aware, the last couple of years have seen real estate prices at all-time highs, building costs increase at exponential rates, and demand for materials far outweigh the supply. Some projects were put on pause due to the uncertain climate, some were staged and others pushed ahead and absorbed the 20-40% increases in budget.
However after such a frenetic period, we are now seeing property prices level, material supply stabilise and the construction industry start to fall back to a more manageable pace.
If you’ve been thinking about building or renovating, but feeling like it will be 5 years until you break soil - then think again! In our office, project lead times have dropped back to weeks, rather than months or years, DA approval periods have halved from 12 months to 6 (depending on the project), and builders are no longer booked out for the foreseeable future - I’ve recently spoken to a few that have availability next year.
The cost of building now seems to be levelling - whether it will drop is another thing. But I’d suggest that it’s not as scary a time to think about renovating or building as it has been. Now that the pressures are easing, 2023 could be a good time to speak to your Architect or Designer, get your plans drawn up and approved, and wait for better availability of trades and materials (and more competitive pricing) in 2024. Hopefully with a drop in interest rates too (that would be nice!).
If you’d like to have a chat about how we can help you with your new build or renovation, then don’t hesitate to get in touch. It's what we love to do!
Fiona and the Sanctuary Design Team
p.s. keep your eye on our website for coming (and long-overdue) updates!