Core Logic reported national residential construction costs increased 9% over the 12 months to March 2022. According to the report timber, metals and imported products are driving much of the growth.
Building costs are expected to continue to increase with a record number of homes approved for construction during the HomeBuilder grant and the volume of rebuild and repair work required from the recent floods.
This combination, along with the shortage of key materials, higher fuel costs, and labour shortages, will hold upwards pressure on building costs for the foreseeable future.
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