Builder Insolvencies May Upend Aussie Home Buyer Plans: Expert

Another route into home ownership could soon be blocked off for some Australians as the construction industry battles insolvencies, rising material costs, and workforce shortages. Buying “off the plan” involves purchasing a property that has not been built yet or is still under construction, and was once considered a more accessible avenue into home ownership as many first-time buyers can qualify for grants or stamp duty concessions. There could soon be more options to buy this way as state and federal governments commit to building millions of new homes over the next three decades in an attempt to tackle the housing crisis....