Should you buy new or established? Here’s what to consider
Buying a home comes with one of the biggest decisions you’ll face – do you go for a brand-new build or choose an established property? Each option has its own advantages and trade-offs, and your choice often depends on your goals, lifestyle, and budget.
Recent Housing Industry Association (HIA) research found sales of new detached homes increased by 18.8% in the three months to June 2025 compared to the first quarter, representing a three-year high. Clearly, many Australians, including buyers in Wollongong and the Illawarra are considering the new-build path.
Here’s a closer look at the pros and cons to help you weigh up which could be the better fit for you.
The pros of buying new
Less repair and maintenance
Older properties can be costly to maintain. With a new build, you’re unlikely to face major repairs or maintenance for several years, and many issues may be covered under warranty.
Energy efficiency
New homes must meet modern energy efficiency standards, which can reduce power bills and create a more comfortable living environment. It’s also better for the environment.
Room to customise
With a new build, you often have the chance to customise design elements — from earthy tones and natural finishes to bold wallpaper and modern art deco styling. Renovating an established home to this level can be time-consuming and expensive.
Depreciation opportunities
For investors, new homes can offer attractive depreciation perks, potentially improving tax savings by claiming wear and tear as deductions.
The potential downsides of buying new
Building can be stressful
Unlike established homes where you can move in after settlement, building can mean long waits, delays with approvals, or unexpected costs.
Location compromises
New builds are often in newer estates, which may lack the character and amenities of established suburbs. Growth potential in new developments can also be weaker if too many properties are released at once.
Government incentives to consider
Government incentives may influence your choice. For example:
The First Home Owner Grant often applies to new builds.
Some stamp duty concessions may be available for both new and established homes.
Keep in mind that the rules vary by state and territory, so it’s worth checking what applies locally in NSW, especially if you’re buying in Wollongong or the Illawarra.
Like to chat further?
If you’d like advice about government incentives, stamp duty concessions, your borrowing capacity, or getting finance pre-approval in Wollongong, we can help.
Get in touch today and we’ll guide you through the finance side of buying, whether it’s new or established, so you can move into your home with confidence.