Buying a house and land in Australia has been a dream for many families. It is also in the mind of many investors looking to make good capital gain while earning monthly rental from it. Below is one good explanation for a typical Western Australia House and Land package
House and land packages in Stockland communities around Australia typically include a home site and a brand-new home. That means there’s generally two contracts, not one, as some buyers assume.
A buyer will have contracts for both land and construction, because they are purchasing from two separate entities. In Stockland communities, the land is purchased from Stockland and the home is purchased from a builder.
Standard inclusions in a new home usually include a fully-fitted kitchen and bathroom, windows and doors, built-in robes, electrical points, TV and phone points, fans, stairs and tiles. Many interior design elements are extra.
Builders may also offer additional inclusions, depending on the price and style of the home. For example, it may include carpets and tiling throughout, stone kitchen bench tops or stainless steel appliances.
All builders differ, so buyers should find out exactly what is and isn’t part of the deal, he adds.
Things like driveways, landscaping and fencing are generally considered ‘extras’ and come at an additional cost.
Builders may provide driveways, landscaping and fencing as part of their additional inclusions. This will depend on the house and land package you are buying.
In Western Australia for example, Stockland includes fencing and front landscaping as standard. Clothes lines and letterboxes aren’t always offered as standard.
Costs such as stamp duty and registration fees are not included in a house and land package price.
As with all property purchases, buyers need to appoint a legal representative to liaise with the developer and the builder, to ensure council and regulatory requirements are met.
Once a customer owns their land, they are responsible for maintaining it, which includes keeping it clear from rubbish, debris, excessive or overgrown weeds and other materials. Council may conduct regular site inspections of lots under construction and may issue fines to the owner if lots are not kept clean and tidy.
Then there’s connections, like power, water, gas and internet.
Key utility infrastructure is included on all lots in Stockland communities. However, homeowners are responsible for contacting utility providers, such as electricity and telephone providers, to set up their home account and arrange connection.
It is recommended popular because house hunters, first-home buyers especially, “usually have a total budget in mind and prefer to know the combined price of their home and land from the outset.
But for an amount of House and Land package usually comes with pre-designed House which makes buyers job easier, they just need to choose from the list of what type of add-on or design they like.
2019 Outlook for Perth House and Land
The Perth housing market showed strong signs of recovery with prices now largely stabilized for the wider region. Despite headline capital growth rates showing a slight 1.8% reduction, a closer look at the data reveals promising signs across lead indicators such as vendor discounts and average selling days, according to the Real Estate Institute of Western Australia (REIWA). As a result, the next step for the market will be to move through its recovery phase, a period that will see rents and prices steadily rise.
This long awaited recovery will be facilitated by the city’s stronger economic growth and accompanied population growth. On top of this, with the Sydney and Melbourne markets now slowing down, more east coast investors will begin to look west to seize on counter cyclical buying opportunities further adding to demand.
Another positive sign for the market has been the steady improvement in the vacancy rate, with the most recent August 2018 result showing that Perth recorded only 4.0% for July 2018 – a significant improvement from the previous years’ result of 5.2%.
These improvements indicate that rental demand is picking up, providing further reassurance for prospective investors. The widely covered correction to the Perth housing market has now brought the median house price to an affordable $505,855. The attractive price point is further complemented by robust rental yields of 4.1%.