Boosted Grant: Queensland’s Housing Challenges Addressed
In a proactive response to the declining home ownership rates among young…
26 June 2022
Homebuilders in Australia continue to struggle with the rising prices of materials and labour shortages, post-Covid-19. With timber prices up 39%, steel up 37% and continued disruptions to the supply chain, the Master Builders Association (MBA), warns it may be a long time before the industry returns.
According to the Australian Bureau of Statistics, the price of overall building materials increased by 12% in 2021 and 2022 is expected to see a continued inflation.
Quantity surveyors Rider Levett Bucknall has produced a new report showing the current costs, per square metre, of new single and double-storey dwellings throughout Australia, for the first quarter of 2022.
|Cost per square metre for single and double-storey dwellings:|
The average time for the construction of a house was 8.4 months pre-Covid-19. This has risen to 12.2 months. The Housing Industry Association (HIA) chief economist Tim Reardon thinks that while there are signs that global shipping constraints are easing, it should be anticipated that increasing construction costs for new houses will continue into 2023.