We first wrote this blog post back in June 2020, only a couple of weeks after the Government grants were announced. Since then, the industry has been through a lot of change! So we’ve updated this article to include why titled blocks are so important in 2022’s climate.
If you’re looking at blocks of land for sale, you’ve probably seen the phrase “titled land” or “titles due…”
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. This means that if you want to be living in your brand new home sooner, you will need to look for a block that is already titled.
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 block of land is already titled, it means that ownership can be transferred to you and we can start building your home earlier. 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 does it mean if titles are delayed?
When you purchase a block of untitled land, the developer will give you a timeframe for when titles are due. Sometimes, this deadline is missed because there is a lot that happens to a piece of land to make it titled. It’s not just roads that go in, but street lights, retaining walls, power domes, utility connections… not to mention all the necessary documentation. Labour shortages like what Perth experienced in 2021 means these tasks take longer to complete.
As your home cannot start construction until titles have been issued, many homebuyers are looking for land that is titled or due to title in a couple of months. That way, they can complete their Administration process quicker, start construction earlier, and get their keys sooner.
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!