Since the announcement of the $25,000 HomeBuilder Scheme and $20,000 Building Bonus Package, you may have seen the phrase “titled land” being thrown around. So, what are titles and why is it so important?
Well, you can only build a home on a piece of land if it’s titled. And since you have to be onsite within three months of signing your build contract to receive the $25,000 HomeBuilder, Perth blocks are selling quickly!
What is titled land?
A block of land can either be titled or untitled. If it is titled, it means that there is an official document that outlines who owns the block. If the land is untitled, it means that there’s no document for it. Untitled land is commonly found in new land estates and often there are no existing services onsite (e.g. power dome).
Why is titled land important?
If a lot is already titled, it means that ownership can be transferred to you. For an untitled block, you will have to wait for titles to be issued (e.g. the ownership documents) before you can own that piece of Perth. You won’t be able to build on a block of land unless it is titled.
What’s the link between titled land and the Government Grants?
To be eligible for the Federal $25,000 HomeBuilder Scheme, your new home must commence construction within 3 months of signing your building contract. For the State $20,000 Building Bonus Package, that deadline has been extended to 6 months. You can read our blog on the full criteria of both grants here.
Remember, construction of your new home can’t start until your block is titled. So if your block isn’t expected to title until October, construction can’t start until then. Plus, we find building permits are obtained faster on titled blocks.
Where can I find titled land?
When Perth’s property is at the bottom of the market, there’s more titled land available (supply is bigger than demand). But when the market improves and more people are buying, there’s not enough land to keep up (demand is bigger than supply). The Move Homes team have great relationships with Perth’s best land developers and we’re always on the lookout for blocks close to the city!