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The builders who are putting their money on timing the property market

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Zaki Chalouhi bought an empty block of land for about the same price as another he purchased earlier when the property market was red-hot. But his latest purchase was on a bigger parcel of land and in a better pocket | TawarRazaghi

Some builders are buying sites now hoping the property market will have recovered by the time they build a new home and list it for sale.

Many builders are putting their money on the property market nearing the bottom and have their sights set on a recovery of sorts in a year’s time when their construction projects near completion. “We expect 2023 to be the year of knock down rebuild. Land prices are so high and it’s so hard to get good blocks of land given the short supply. Those who own a block of land, we are likely to see more starts in that market than previously,” he said.

CoreLogic’s research director Tim Lawless cautioned anyone trying to pick the market’s low point and said while value declines had eased in Sydney, from a monthly pace of 2.3 per cent three months ago toMore builders are planning for the property market to level out and pick up again, but risks lie ahead.“There is every chance the decline can accelerate depending on what happens with the economy and interest rates,” Lawless said.

Cooleys auctioneer Michael Garofolo said the slow return of builders at auctions could be a bellwether of the property market’s bottom.“They’re saying there are opportunities where last year there wasn’t this opportunity, everything was hot and untouchable, it didn’t matter if it was on a main road, if it had an easement,” Garofolo said.

Selling agent Namir Mikha of Adrian William has sold three rundown properties in the inner west to builders in recent weeks, including 35 O’Hara Street in Marrickville, where almost all the competition at these auctions is also builders.

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