Higher costs of materials, land, and finance are making it harder for developers to build dwellings profitably, raising doubts about the government's housing targets.
Home building will grind to its slowest pace in more than a decade in 2024 as the higher cost of materials, land and finance make it harder for developers to build dwellings profitably, raising doubts about the government’s ambitious housing targets . “There’s no question that the demand side is there,” said Benni Aroni, the developer of Melbourne’s Eureka Tower. “The problem is that we just can’t make a feasibility work.
And we can’t make a feasibility work because we haven’t stability of cost and the cost of finance. And neither of those is going anywhere south in the next 12 to 24 months.” The cost of building a new house is still rising, although at a slower pace than the surge experienced two years ago, Housing Industry Association figures show. The average value of a detached home approval in the September quarter was $461,077 – 11.5 per cent higher than in 2022. Prices for key items needed in new house construction have soared since before the pandemi
Home Building Pace Cost Materials Land Finance Developers Profit Housing Targets
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