Westport News - July 2022

  • News

Dear Friends of Westport

It’s been quite a few weeks since we last updated everyone on the goings on at Westport and with progress being made, we thought an update was in order.

Firstly, it’s been a wet start to Winter with record rainfalls across the Eastern seaboard with no respite at Westport. However, work on the Homestead verandas, posts and timber work has been undercover so able to continue as planned, albeit running a bit behind as timber posts were hard to get.

We still anticipate being “Ready” for commencing Civil Construction around the end of the year. Our “Endorsement” plans and initial Civil designs (Stormwater, Sewer, Road Networks, Water and Electricity) have been lodged with Macedon Ranges Shire for comment.

Whilst we await Councils processes, we will continue to do what we can “around the edges” (such as the refurbishment works on the homestead, tree protection planning review) so that progress continues to be made, and when able, can move quickly to begin Civil works.

However, if you watch the papers there are some interesting aspects playing out in the economy across Australia that do need consideration.

I quote direct from THE FINANCIAL REVIEW 21/7/22

“It’s one of the most vivid signs yet of how rapidly rising inflation is causing havoc across the building sector. While some builders have gone under already Ð Probuild collapsed in February Ð veteran property players are riding out the storm. Among them is Perth developer Nigel Satterley, who reckons it will take another six months for cost pressures to ease on the west coast. Home builder Rawson Group says higher energy related costs are pushing up prices for key materials such as bricks, concrete, steel, glass and aluminium. 

Rising interest rates, along with inflation, are giving grief to property investors and landlords too. Major commercial property sales are being put on pause everywhere.”

Alongside of this we also have all the media publications and property market experts talking about falling home values across Melbourne (although I feel like Gisborne values are holding on pretty well as there is still a lot of activity in the area and a market desire to live out our way) - so suffice to say these are uncertain and unsettling times.

That being said, we are talking with a number of builders - both civil construction companies and home builders, as well as keeping an eye on the overall situation, so that we can give you all some comfort around what the real cost of construction will be. We want to be in a position to be able to give you very accurate pricing on purchasing a home, and also giving you a timeline on when we can start, as well as ensuring we have an adequate supply of labour and materials from a reputable builder at a fixed price. We of course also want to be certain that builder has the financial strength to push through and complete the homes we contract them to build.

Obviously, there is a lot going on in the background at the moment, and we will provide more information on this as it comes to hand. I’m hoping before the end of the year we have a much more informed and resolute view on these market factors.

In the meantime, enquiry for Westport and reservations for future homes continue to be strong. We will stay in touch and please dont hesitate to reach out if you have questions.

Warm Regards

Ben Martens
Managing Director
The Parks Villages Pty Ltd