There has been a significant shift in the market with new builds now more popular than ever with a number of factors driving the demand. The aftermath of the pandemic has led to significant disruptions in global supply chains and a massive upsurge in building costs. Over the past few years, building materials and construction costs have soared by more than 25%, which is the fastest pace of growth in over half a century. Adding fuel to the fire, the construction industry is also challenged with labour shortages and heavy rainfall meaning that it’s not only new builds but renovation projects that are being impacted with ever-rising costs.

Kenji Fukushima says, “There’s been an extraordinary blowout in prices since mid-2020. Steel products alone have surged in price over 40% in the past year with timber and joinery climbing up too along with prolonged wait times. It used to be savvy to buy the worst house on the best street but ever-rising building and renovation costs have flipped this on its head and, if you can find a builder, there’s still a lot of uncertainty with potential budget blowouts and extended timeframes.”

Kenji’s listing at 162A Carrington Road, Randwick is a perfect example of how newly built family homes are so hot at the moment. Kenji explains, “Designed by Bureau SRH and built to discerning standards by Airth Building, you wouldn’t be able to replicate the design with the current cost

of materials and shortages in both labour and imported products. The four-bedroom home is the ultimate turnkey property with everything a family could wish for including a state-of-the-art kitchen, master suite, home office and a pool. The interiors are flawless with Shona McElroy of Smac Studio working her magic with a luxurious approach featuring lavish Elba marble bathrooms, European Oak flooring and lighting from Kelly Wearstler. With a buyer’s guide of $3.5m, you could be all settled in before Christmas and with the peace of mind that everything has been finished to perfection.”

Alexander Phillips has just listed a dream family home at 185 O’Sullivan Road, Bellevue Hill opposite Woollahra Golf Course. Between the harbour and the beach, the 1920s Californian bungalow was rebuilt from the ground up in 2020 and is presented in as-new condition with gardens by Pepo Botanic Design, a parent’s retreat and a choice of living areas to deliver a forever home.

This week the sales team secured 15 sales with an average price of $3.2m and listed 15 new properties and the management team secure 14 tenancies and listed eight new properties for lease.