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Time to buy a new block of land

Do you want to have greater input into the design of your home? Then building a new home – one that will suit the needs of you and your family – is the way to go! However, before you start drafting up plans, you’ll need some dirt to put it on. It’s time to buy a block of land.

Blocks of land literally come in all sizes. Today we are discussing house blocks in new residential subdivisions like Hamlyn Grove by Yeramba, that have all the services ready to be connected, from water and electricity to fibre-to-the-home Internet.

Blocks of land come in all shapes. There are square and rectangular blocks, corner blocks, battle-axe blocks and blocks with no street frontage and a long driveway for access. There are flat blocks, steep blocks, sloped blocks, blocks with cliffs, blocks set down from the road and blocks set above the road. There are low-lying blocks and blocks with waterways nearby. There are blocks that face north-south or east-west, blocks that are in the lee of a hill and ones which fully face the weather.

Each shape and size will present challenges for the design of your home. If the block you are looking at is rectangular, flat, with full street frontage, in a flood-free area away from bushland and without trees, with access to all services in a new or existing residential sub-division, and with stable soil without rocks then congratulations. It sounds like a Yeramba lot.

If the block you are looking at has some of the other features mentioned above then you’ll need to carefully evaluate how they will impact the design and cost of construction.

Some factors worth noting are:

  • Soil: You should consider having a soil test performed by a qualified engineer before you buy land. The cost of building your house’s foundations can ultimately depend on the type of soil that it’s built on. The type of soil that your property is situated on can incur extra costs for earthworks and land retention, so have the soil classified according to the Australian Standard 2870ii,iii.
  • Steepness: The steepness of the land must also be considered since steeper land is likely to be more costly to build upon.
  • Utilities: Contact utility companies to check the cost of connecting your block of land to water, gas and electricity if the service connections are not included.
  • Orientation: Land with a north-facing alignment and a backyard can reduce your energy bills. This is because north-facing rooms are able to maximise the amount of sunlight received during winter and minimise sunlight exposure during the warmer monthsv. This will mean your future house is naturally warmer in the winter and cooler in the summer, saving you money on heating and cooling costs.
  • Trees: There may be restrictions on removing trees that could prove expensive.

Don’t forget location

Choosing land close to services such as shops, parks and schools can save you travel time, but be aware of issues like noise pollution. A better location might not offer your ideal piece of land or desired price, but can be worth it if you are able to walk or cycle to shops, schools and public transport, making life easier and healthier.

As important as proximity to services are, there are some location issues it is important to be very aware of as they may impact your ability to obtain finance and insurance,  restrict the type and design of house you can build, and increase construction costs.

If your land is situated near a heavily timbered area or one with a history of previous bushfires, the blocks may have a BAL (Bushfire Attack Level) rating. To find out if your land is in a bushfire prone area, contact your local council and ask to view your local bushfire-prone land map. In bushfire prone areas bushfire construction codes may have to be complied with, adding to cost.

Land use will also be limited by council or state government planning controls. Things to look for include required setback from boundaries, shadow rules, height restrictions, floor space ratios (FSR), open space requirements, and minimum block size.

Yeramba Estates, developers of quality land for over 50 years, have a reputation for excellence. We are here to help, and can assist as you travel through the process.

 

Housing affordability is the best it’s been in 20 years according to the HIA

House prices may be high, but the combination of lower home prices, improvements in wage growth and lower interest rates have contributed to the ongoing improvement in the HIA Affordability Index for the June 2019 quarter.

HIA’s Affordability Index is calculated for each of the eight capital cities and regional areas on a quarterly basis and takes into account the latest dwelling prices, mortgage interest rates and wage developments.

For a home buyer with an average income purchasing a median priced dwelling (assuming a 10 per cent deposit), mortgage repayments will consume the smallest proportion of their earnings since 1999.

The main reason the HIA Affordability Index today is comparable with the level in 1999, despite house prices rising significantly faster than incomes, is that interest rates are 4.6 per cent today compared with 6.7 per cent in 1999.

Average earnings have increased by 113 per cent over the 20 years to 2019, while the median home price has increased by 228 per cent but the lower interest rates have kept the cost of servicing a loan the same.

There are also a number of initiatives that do not feed into this Affordability Index that will assist with first home buyers entering the market.

The reduction in income tax, the easing of APRA restrictions on mortgage lending and the Australian government’s First Home Loan Deposit Scheme are likely to be important considerations for households.

With thanks to Michael Yardney from Metropole Property Strategists

Yeramba customers can take advantage of the current market

When prices are low first home buyers, and even second home buyers, will find they get better value and their money will go a lot further than it would have 12 months ago.

It’s clear that now is a good the time for home buyers to secure their future home; however it won’t last long.

The transient nature of the property market will see house prices stabilise later this year, and likely start to increase in early 2020. 

Yeramba Estates will soon release another prized stage of Hamlyn Grove, with settlement planned for June 2020. For a 10% deposit, our clients can secure a lot with the comfort of knowing their new home project is within a quality estate, and can plan accordingly for a settlement in mid 2020.

Contact us now to join our database – you will receive early notice of Hamlyn Grove Stage 5 release and be among the first to choose from these new lots.

Lots will start from $335,000 *, with sizes from 469sqm and 488sqm up to 963sqm.

*Pricing to be confirmed at time of release

Water bills will fall for most Coasties

Central Coast water bills will fall by up to 33 per cent for some residents – a saving of up to $355 – after the pricing regulator released its final report.

The Independent Pricing and Regulatory Tribunal (IPART) released its report on the maximum prices Central Coast Council can charge for water, sewerage and stormwater services, with the final figures slightly lower than those proposed in the draft report in April.

IPART’s decision means typical household bills will fall by 14 per cent to 33 per cent from July 1 and then only increase with inflation the following two years.

It also includes a slightly lower $103 cap, in real terms, for residential and farm stormwater prices.

The annual water, sewerage and stormwater bill for a typical household in the former Wyong council area will fall by $169, according to IPART Chair, Dr Paul Paterson.

Excerpt from Central Coast Express Advocate story by Richard Noone on 30 May 2019

SOLID SALES PRICES BEING ACHIEVED IN OUR LOCAL SUBURBS

Following a record breaking home sale of $1,010,000 in Helios Street Woongarrah, Yeramba Estates can report two land sales this week in Hamlyn Grove, plus a brand new home in our prestigious Monterey development has now sold.

Certainly the post election market on the Central Coast in general – and Hamlyn Terrace/Woongarrah in particular, is confident.

We invite our clients to visit our lovely new homes in Eleanor Close Hamlyn Terrace – behind Homeworld. Ready to move in!

sales@yeramba.com.au

It is time to create a Forever Home or strong Investment in Hamlyn Terrace

With the election over, there is no longer a black cloud over negative gearing and Capital Gains tax.

In addition, APRA is considering lowering their assessment rate which stands currently at 7.25% – finally common sense prevails!  With current  rates around 3.99%, the gap is too wide to be sensible.

There is also strong comment that we will see an interest rate cut next month. There couldn’t be a better time to buy.

For our clients, this can mean you buy better, getting more value especially allowing for generous depreciation of new homes. Time for a positive strategy!

Call us now, so we can help realise your dream of a new home in Hamlyn Terrace 94115155 or sales@yeramba.com.au

Finally a First Home Owner Loan Deposit scheme

Prime Minister Scott Morrison has announced a new First Home Loan Deposit Scheme that will enable first home buyers to access a mortgage with a 5 per cent deposit. Mr Morrison said: “It can take nine to 10 years for an average household to save a deposit. We want to help Australians realise the goal of buying their first home by cutting years off the time it takes to save up. 

The scheme will commence from 1 January 2020.

The First Home Loan Deposit Scheme, which will partner with private lenders and prioritise smaller lenders in a bid to “boost competition”, will be available to first home buyers who have been able to save a deposit of at least 5 per cent and earn up to $125,000 annually or $200,000 for couples. 

Industry welcomes initiative 

It currently takes more than eight years for first home buyers to save for a deposit to purchase a property in our major capital cities. This proposal has the potential to significantly reduce that time frame. One of the significant additional costs first home owners incur when they borrow more than 80 per cent of the property value is mortgage insurance, which is often in the thousands of dollars and would help FHBs save around $10,000 by not having to pay lenders’ mortgage insurance (LMI). 

 With first home buyers currently representing just 17.9 per cent of total housing loan approvals at the beginning of this year, the measure will be a timely boost not just for first home buyers but for the building sector and the economy in general.

Master Builders Australia also backed the First Home Loan Deposit Scheme, with its CEO, Denita Wawn, saying: “The scheme will be a boost for both first home buyers and residential builders who are worried about the declining housing market”. 

Changed traffic conditions on the motorway

Motorists are advised of changed traffic conditions on the M1 Pacific Motorway as work continues on the motorway upgrade between Tuggerah and Doyalson.

Roads and Maritime Services will be extending shifted southbound lanes to just north of the Doyalson interchange.

This means that southbound lanes will be shifted to the right for about 5kms from Doyalson interchange to 1.5km north of the southbound service centre entry. There will be no change to the service centre access.

These changes are expected to be in place until mid – 2019.

Source: Media release 25.2.19, Roads and Maritime Services Media

Central Coast Building Approvals on track for 2019

With the Central Coast population set to increase by 75,000 by 2036, according to the Central Coast Regional Plan, housing targets are a huge issue for Central Coast Council.

Mayor Jane Smith said Council had approved 862 development applications during the October to December 2018 quarter.

“Council approvals are an indicator of the demand for housing on the Central Coast, which is projected to increase by 2075 additional homes per year”, Smith said.

The Central Coast Regional Plan anticipates 41,500 new homes will be needed to cope with population numbers by 2036.

Since 2016, Council has approved 8355 additional dwellings.

      

Source: Central Coast Ordinary meeting 25.2.19

How to build the perfect home

Some 214,000 homes were built in Australia in 2018, proof that our love affair with owning our own home continues unabated. And while some of us opt for architect-designed homes and others for builds they manage themselves, the house and land package market is booming.

But for the novice, the whole process might seem a bit daunting. To help, here are five basics to consider.

1. The funds

It all starts with money. Set a workable budget, taking into account extras like landscaping and finishes. Ensure you understand the commitment and seek advice from your banking institution.

2. The estate

Most new estates are located on the suburban fringe and are greenfield sites – land that hasn’t been developed. Yeramba Estates has been developing land since 1962 and has a golden reputation of delivering quality land in great locations.
Look at how the estate suits your lifestyle: consider proximity to transport, schools, shopping centres, playgrounds.

3. The block

Blocks will differ in size, orientation and gradient, which can all impact your costs and the plan of your house. Orientation particularly can impact your energy usage, which will affect your hip pocket. Yeramba take pride in revealing all aspects of the land for sale to ensure you know exactly what you are purchasing.

4. The builder

Research the builder. Check out their previous projects, and ask for customer testimonials. Build time, pricing for post contract variations, penalties for late delivery – all good questions. Your new home is in their hands.

5. The floorplan and the finishes

Get your floorplan exactly right – it needs to blend functionality and style, and suit your lifestyle. Remember that you’ll spend most of your time in the living areas, so they should take priority.
Most builders have selection centres, where you can play with external materials and colours, creating a facade that has character, charm and individuality.