There is something to be said for a brand new home.
There is something to be said for a brand new home. Having everything JUST the way you wanted it (assuming you've commissioned the build yourself), the modern conveniences (hello smart LED lighting and soft close cabinetry) and of course, that new build warranty that goes just right with that new build smell. Something goes wrong? Not your problem! (At least not yet…)
There is however, a premium to be paid for all that is new and shiny. It's news to no-one at this point that the cost of construction has skyrocketed since 2020, with your fairly standard first home buyer spec now anywhere from $50k to $100k more expensive to build (as an example). Looking for something particularly custom? Then keep the chequebook ready - because not only are you likely to be paying extra for fancier materials, but the labour might just make your eyes water too.
Beyond the higher cost of new construction, going for new also comes with limitations - namely finding somewhere empty to put it. Outside of new estates getting progressively further from the CBD, choice has become rapidly limited when it comes to bare dirt. Add to that the fact that modern building requirements can often preclude a build in low-lying areas (i.e. half of Cairns) without additional earthworks. There is a reason highset Queenslanders were originally so popular in the CBD - and it had to do with the amount of water that would go under them in the wet. Slab on ground builds don't quite have the same benefits, hence the extra dollars in the extra dirt.
You can of course go the knockdown route - buying an existing home, pulling it down and starting again. For the most part though this isn't a cheap exercise and you really want to find a home that needed knocking down in the first place, or alternatively in a location that befits the extra investment - think an original beach shack on O'Sheas Esplanade at Machans giving way to a home worthy of the view. Do your homework before the demolition though as sometimes an existing footprint might have more flexibility than a new one.
Cost aside though, having sold hundred of blocks for everything from first homes to dream homes I've learned that for that right home on the right block, when a good plan comes together then the memory of the bill starts to fade pretty quickly.