Residential construction costs in Australia rose 0.8% in the first three months of the year, marking the sixth quarter of moderate increases, according to the Cordell Housing Index Price (CHIP) report ) from CoreLogic.
In the past six months, construction growth has not exceeded 1%. On an annual basis, national residential construction costs increased by 3.3%.
Tim Lawless, research director at CoreLogic, said the surge in home approvals has yet to have a significant impact on construction costs.
"With the surge in housing approvals in response to the recently expired HomeBuilder grant, the home construction industry is entering what will likely be an extended period of activity. However, we are yet to see the measure. Cordell's construction costs reflect any material. increase, "he says.
Figures from the Australian Bureau of Statistics show that the total number of approved dwellings rose 17.4% in March, following a 20.1% increase in February.
However, job creation in the construction sector, which accounts for around 8.9% of the total workforce, declined 1.5% in the March quarter. .
"Although construction costs rose at a slightly slower than average rate in the last quarter, it is likely that the next few quarters will see a more substantial increase in construction costs as shortages of materials and labor. are adding some upward pressure on prices, ”Lawless said.
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