House hunters camp out to secure new homes
With Australia’s housing market continuing to tighten in 2017, a growing number of home buyers are getting creative with ways to break into the property market.
Indeed, some people are so keen to secure their dream home they’re willing to camp outside sales centres at new housing developments to get an edge over the competition.
The phenomenon is catching on because it enables committed home buyers to secure a priority number in a housing release, giving them first pick of the available blocks of land.
Home buyers camp out at Caddens Hill
Legacy’s Property’s newest development – Caddens Hill near Penrith – is a great example. Dozens of prospective buyers pitched tents to camp out ahead of the official sales launch of stage 1B, with 55 buyers competing for just 36 properties.
It’s the latest signal of strong interest in Caddens Hill where buyers can choose from 47 plots of land starting at $355,000..
Legacy Property’s Chief Executive Officer, Matthew Hyder, was not surprised that prospective buyers had made temporary homes outside the development.
“I spoke to several buyers who said they have been waiting for years to find the right property and we’re really excited with the opportunity presented by Caddens Hill,” said Mr Hyder.
Camping shows house hunters are struggling to find properties
The camp-out at Caddens Hill is another indication of just how strong the property market continues to be this year, especially in Sydney and Melbourne.
In Sydney, the NSW Government says the city is on the verge of its largest-ever housing construction upswing, which will see almost 200,000 homes built through to 2022.
Development will focus on Blacktown, Parramatta and the City of Sydney. Parramatta is expected to see the biggest rise, with just over 21,000 new homes slated for construction.
For home buyers, it pays to be prepared
With housing demand continuing to outstrip supply in the short term, it makes sense to be prepared if you want to snap up a home in a new development.
You may not need to camp out, but it certainly helps to identify the developments you want to target, know the land release dates and how early you should get there on the big day.
It is also prudent to ensure your desired house-and-land package fits with your individual needs. Factors to consider include the lot’s aspect, location and its proximity to amenities such as schools, parks and public transport.