Should Home Buyers Act Before Seven-Star Pricing Kicks In?

By: | 22 Apr, 2024
Should Home Buyers Act Before Seven-Star Pricing Kicks In?

Ep. 31 | Should you buy before 7-star pricing comes into play?


In the latest episode of The Home Building Hub, hosts Colin Bischof and Darren Brennan delved into a pressing question: Should prospective home buyers act before the implementation of seven-star pricing and energy ratings?

The hosts kicked off the discussion by shedding light on the upcoming changes in building regulations, particularly in Victoria. From 1st May, homes will be required to meet stricter energy efficiency standards, known as the seven-star rating. Additionally, the introduction of livable housing codes aims to make homes more accessible, with provisions for wheelchair-friendly features and enhanced space considerations.

While these changes promise environmental benefits and improved comfort, they come with a significant financial implication. Bischof and Brennan emphasised that adhering to the new regulations could add substantial costs to home construction. Features like double-glazed windows, additional insulation, and solar panels may become mandatory, contributing to higher building expenses.

Moreover, the livable housing codes mandate alterations such as wider hallways and flat slabs in garages, potentially limiting design options and increasing construction costs. The hosts highlighted the challenge of fitting larger homes on smaller plots due to these new requirements, which could impact buyers' preferences and choices.

Despite the potential drawbacks, there are compelling reasons for buyers to consider acting sooner rather than later. Homes built before the enforcement of the seven-star rating may offer more spacious designs and greater flexibility in floor plans. Additionally, buyers can avoid the rush and potential scarcity of available designs and land options as the deadline approaches.

The hosts advised listeners to weigh the pros and cons carefully before making a decision. While the environmental benefits and long-term savings of energy-efficient homes are undeniable, buyers should assess whether the added costs and design restrictions align with their preferences and budget.

Ultimately, the decision to buy before or after the implementation of seven-star pricing hinges on individual circumstances. However, Bischof and Brennan urged prospective buyers to seek professional guidance and consider their options wisely to make informed decisions in the rapidly evolving landscape of home construction.