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Major changes from 1 March 2015 – Contracts for owner builders

Major changes from 1 March 2015 – Contracts for owner builders

  • The threshold is being raised for the more detailed contract requirements from $5,000 to $20,000. Owner builder  work under $20,000 will still need a written ‘minor works’ contract.
  • A cap on deposits for work over $20,000 will be increased from 5% to 10%. Builders will only be able to request a maximum of 10% for a deposit for all projects, regardless of the value.
  • Contracts over $20,000 will need a progress payment schedule (only authorised payments are allowed) and a termination clause.
  • The mandatory consumer building guide, to be provided to owner builders before entering a contract, is being streamlined to provide essential information on both parties’ rights and responsibilities.


Positive New South Wales Residential Outlook

Fundamentals forecast to drive strong recovery from 2013-14, growing by 11% to reach $17b.

A very strong recovery is expected in the New South Wales residential sector, forecasting an end to the residential slump from 2013, followed by five years of sustained real growth. This is driven by demographic pressures and localised undersupply issues. In comparison, in Victoria the opposite holds, and is a story of localised undersupply following five strong years of residential construction.


Strong NSW Lending Figures Welcomed

The number of loans for the construction or purchase of new dwellings increased by 37.9 per cent year on year during May 2013. Over the three months to May, the number of loans increased by 39.4 per cent year on year.

This encouraging set of figures for May 2013 is in line with the trend over the current months showing a growth in the NSW new home construction market.


Positive medium term outlook for NSW dwelling construction

With the growing number of people who have sought to buy a new dwelling in NSW, the recent policy initiatives to improve housing supply, and continued population growth are all expected to result in a solid pick-up in housing investment over the medium term. In particular, a number of private sector economists are forecasting housing investment as a share of GDP to return to its long-run average level over the next 5 years. This is positive news for the NSW residential housing market and owner builders.


New Students Blog Launched

Hi SAFE RITE students.

We have now launched our new students online blog. The purpose of this online forum is to allow our owner builder and white card course participants and SAFE RITE Members to share the latest information and industry updates relating to their courses and projects.

Please enjoy.