With recent increases in the cost of developing land and a shortage of upcoming residential land supply throughout New South Wales, there is no doubt that the cost of buying a block of land in the Mudgee area is set to increase.
Coupled with the increase in land cost is any impact of the proposed Carbon Tax on building materials and a trade shortage with the mining industry competing for workers, means we are likely to see the cost of building a new home increase in the near future. Any increase in building cost is generally passed on to buyers through the eventual sale price of a property and also affects existing housing as buyers contemplate new vs existing.
If you want to get into the real estate market in Mudgee, now may be the best time if you want to buy new or build. In years to come, not only will supply have potentially dried up, the cost of housing will have increased, and the cost of transport to and from work and school will have also increased, so being in close proximity to the places that you frequent most will be another important factor in the cost of your living situation.
Costs may be high now, but our prediction is that they’re only going to get higher, so the sooner you get into the Mudgee real estate market, the easier it will be for you to stay in it.