The Federal Reserve Board dropped the interest rate this week by 25 basis points. This is the first decrease in over a year. Reserve Bank interest rates were slashed to 1.75% – the lowest since their inception in 1968, according to CommSec. What does this mean for couples wanting to take out a mortgage and build their dream home? Craig James, chief economist with CommSec, said the new level is providing Australians with the “best borrowing conditions they have ever seen”.
In an encouraging update for the new home building industry, Australian Bureau of Statistics (ABS) data released this week show that a total of 19,371 homes were approved for construction in March this year alone. 3.7 per cent more than in February, said the Housing Industry Association (HIA), the voice of Australia’s residential building industry. “Approvals rose for both multi-unit and detached homes, increasing by 2.4 per cent and 5.1 per cent, respectively,” said HIA economist, Diwa Hopkins. This could be the best time in a long time for families to build a house in Western Sydney.
We at Better Built Homes we are committed to building homes of superior quality and workmanship for families throughout Western Sydney. With a goal of exceeding our clients’ expectations every time, we were recently listed on the BRW’s Top 100 Fast Starters List of 2015. We would love to get your family on the road to building your new home.
Get in touch by calling us on 1300 100 922 for a no obligation consultation, go through our floor plans to see which is right for you, or use our contact form and we’ll get in touch with you!
Download the HIA media release for more information on the increase of new home building approvals: March 2016 Building Approvals – national media release
Our office and showroom is located at:
Unit 21, 9-12 Lambridge Place,