When it comes to general news, we saw some very positive data this week which indicates that the recent much talked about rises in building costs seem to have levelled out.

The Cordell Construction Cost Index (CCCI), which is a quarterly report which tracks the cost of building a typical new home, came out this week with the news that the CCCI recorded a rise of just 0.8 per cent in the March quarter this year. This means that the annual change in the CCCI has now eased to 2.8 per cent. This is the smallest annual rise since March 2007 when the figure hit 2.7 per cent. It is also well below the pre-pandemic average of 4 per cent.

Here in Victoria, the CCCI rose by 0.9 per cent in the March quarter, making the annual figure just 3.1 per cent.

News like this will certainly provide extra confidence for those buyers looking to build their next home, whether on vacant land or the site of an older home suited to replacement, which in turn will flow through to those local homeowners thinking of selling in 2024.

And speaking of good signs for sellers, we are continuing to experience solid levels of buyer enquiries in all areas and price ranges, producing some excellent sales results. One example of this was the recent sale of three bedroom home in Westmeadows (pictured). The strong early interest in this conveniently located home saw the SOLD sign go up almost two weeks before the scheduled auction.

Results like this are just one more reason that anyone in the City of Hume who has been thinking of making a move in 2024 would be well advised to think about taking advantage of the current favourable Autumn selling conditions.

If you need any advice or assistance in planning your next move, you can give our team at Barry Plant Gladstone Park a call on 9330 1088.

Cheers,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park