2021 continues to challenge home builders and residential property developers

2021 continues to challenge home builders and residential property developers

As we move deeper into 2021 and edge closer to the end of another financial year and a new federal budget, home builders and property developers are facing a number of industry-wide challenges.

The Federal Government’s much-lauded HomeBuilder grant, which has helped prop up the home building industry since June 2020, officially concluded on April 14, while JobKeeper payments to employers also recently came to an end on March 28.

There’s no doubting the success of the HomeBuilder grant scheme, with Prime Minister Scott Morrison announcing that the total anticipated renovations or builds nationally under the program was 42,000.

The conclusion of these COVID-related economic subsidies and stimuli, coupled with industry-wide challenges around materials supply, pose clear challenges for residential builders and the property market as a whole for the remainder of 2021.