Deciding between building a new home or purchasing an existing one is a significant choice for many families, especially in the highly popular regions of South East Queensland, including Brisbane and the Gold Coast. Our sunny weather and stunning coastlines attract people from all over Australia and globally, making the local property market a competitive one for home buyers and home builders alike.
With the property market being so competitive in South East Queensland, one important question arises frequently; is it better to buy an existing house, or buy land and build a house, and which option will save money, either short term or in the long-run? In fact, ‘is it cheaper to buy or build a house in Australia?’ is one of the most commonly asked questions when it comes to home ownership in Australia.
With house prices being higher than ever and rising construction costs, it can be hard to know whether buying an established house as a home buyer is best, or whether it’s better to buy some vacant land and build a house of your own.
At Bruin Builders, we’ve seen countless Brisbane and Gold Coast homeowners, prospective homeowners and investors consider the question of whether it’s cheaper to build or buy a house in South East Queensland, and which is better. So we understand first-hand the importance of this decision and how much thought goes into answering this question.
In this article, we’ll explore the answers to this important question; is it cheaper to buy or build a house in South East Queensland in 2024?
The Cost of Land in Brisbane and the Gold Coast
In 2024, the real estate landscape of South East Queensland continues to evolve. The cost of land in Brisbane and the Gold Coast remains a critical factor in deciding whether to build or buy. As of now, Brisbane showcases a diverse range of land prices, heavily dependent on location—from the bustling city suburbs to the more tranquil, semi-rural areas.
Historically, land prices have shown a trend of gradual increase, a pattern that is expected to continue. At Bruin Builders, we keep a close eye on these trends, ensuring we can offer the best advice and options to our clients. Remember, while the upfront cost of purchasing land might seem high, building on your own land can often result in a more tailored and personal home, potentially increasing the overall value.
The Cost of Building a Home in Brisbane and the Gold Coast
Building a home in Brisbane or the Gold Coast in 2024 presents itself as an opportunity to truly customise your living space. Costs can vary widely based on factors like material choices, customisations, and the block you have purchased. For example, whether your block is flat or sloped and its accessibility will affect the cost to build. Other elements like the location of nearby power lines, trees, and how busy the access road is, will also affect the logistics and therefore the costs of the build.
“Building a custom home provides the opportunity to personalise every detail to your lifestyle and preferences. Though it might seem daunting, with our team of project managers, carpenters, and other experts, we not only avoid lengthy delays but manage to tailor the cost as per your budget and home vision,” says Nathan, one of our experienced project managers at Bruin Builders, “
“Just let us know what you want and your priorities (this is very important to be clear about), and we can tailor the cost to meet your needs”, he says.
Pros and Cons of Building a House
Pros of building a new house
The benefits of building a house new include:
Customisation
Building your own home means getting exactly what you want, from the floor plan to the fixtures. At Bruin Builders we help new home buyers to achieve their exact vision through stunning custom builds.
Modern Techniques
New constructions use the latest building standards, often resulting in better energy efficiency and lower running costs. This can be much more efficient for your money in the long run than buying an established house with poor efficiency and high running costs.
Cons of building a house
The drawbacks for building a new house on vacant land include:
Building a new home can be time-consuming
The process from start to finish can take longer than buying an existing home, and some delays can increase overall construction costs.
However, if you choose the right builder, these delays can be greatly reduced. At Bruin Builders, we save many lengthy delays that other home buyers face by offering our team of project managers, carpenters and other experts, with the triple benefit of removing many delays, tailoring the cost to your budget, and tailoring your new home build to your vision.
Potential for unforeseen costs
While most builders will strive to keep within budget, unexpected costs can arise, typically associated with delays in construction. At Buin Builders, our expertise and experience in home building means that we are able to give accurate predictions of how long your new home construction will take, and we’re able to anticipate and prevent many common delays from occurring.
Pros and Cons of Buying a House
Pros of buying an existing house
The benefits of buying an existing home include:
Convenience
Buying an existing home is generally quicker than building. Once you close the sale, the house is yours.
Established Neighbourhoods
Existing homes are often in established communities with mature amenities.
Cons of buying an existing house
The setbacks of an existing home purchase include:
There may be hidden Costs
Older homes can have hidden costs in the form of maintenance issues that you were unaware of, which may turn out to be costly to repair.
Less Personalisation
When you buy an existing home, what you see is usually what you get; you’re not starting with the same ‘blank slate’ as you would when building a new home. If you have a specific end-product in mind for your dream-home, and it doesn’t match the existing home you buy, the renovations required to achieve that can be quite costly. Some changes may not be possible if they do not fit with the structural design of your home. When building new, you can incorporate your goals into the design from the beginning.
Building vs Buying in South East Queensland
Whether you decide to build a new home or buy an existing one, each choice has its merits. The decision on whether it’s cheaper to build or buy a house in South East Queensland in 2024 ultimately depends on personal circumstances including budget, timeline, and long-term goals. For some, the allure of customising their home from the ground up is worth the extra time and potential for unforeseen costs. For others, the convenience and immediacy of buying an existing home cannot be beaten.
The full answer to ‘Is it cheaper to buy or build a house in Australia?’ largely depends on your exact circumstances and preferences.
We recommend having a chat with our expert custom builders to learn more about the benefits of building a home with an experienced builder. With all of the details of what you’re after, our expert team can help you build the house that suits your budget, priorities and preferences.
Committed to helping you throughout your home ownership journey
At Bruin Builders, we’re committed to assisting you through every step of your home build journey with personalised advice and expert service. We’re a family-owned custom building company with a fully in-house team, saving money and time for Brisbane and Gold Coast home builders. We save you lengthy delays and even help with the pre-construction process.
Contact us today to see how we can help you with quality custom home-building services in South East Queensland.
We can help you save money on building your dream home
At Bruin Builders, we are dedicated to making your house dreams a reality. We are the experienced custom builders helping Brisbane and Gold Coast home builders, families, couples and individuals build their own house, to their vision and goals while saving on construction costs, thanks to our experience and advice. If you’d like to build a house that meets your needs and budget, get in touch with our experienced team today.
