Residential construction costs continued to rise in the third quarter of the year, albeit at a slower pace, according to CoreLogic's Cordell Housing Index Price (CHIP) report.
The national CHIP index rose 0.6% in the quarter, slightly slower than the 0.9% growth recorded in the previous two quarters. Still, home construction costs in the quarter were 3.4% higher than last year.
Between July and August, there was a sudden drop in the number of approved dwellings. According to the report, the number of approved homes fell 1.6% in August, following strong growth of 12.2% in July.
Of all the states, Queensland recorded the largest increase in the CHIP Index, with construction costs increasing 0.6% per quarter and 4% per year.
South Australia, on the other hand, continued to post the lowest CHIP index, despite the quarterly increase of 0.6% and the annual gain of 3, 1% of construction costs.
The table below shows the reading of the CHIP index and the quarterly and annual gains in construction costs in each state:
Top suburbs:
st peters
,
berala
,
Eagle vale
,
tiwi
,
Mayfield
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