The company’s collapse is another sign of an industry teetering towards crisis. Operators across the country are under stress, with high-profile businesses including Metricon struggling and top-tier firms such as Probuild collapsing.
Landford’s demise follows another Victorian builder Snowdon Developments going into voluntary administration last week leaving 550 homes unfinished. Snowdon has 262 creditors who are owed $17.8 million.Australia’s construction costs spiked over the past few months, driven by inflation, economic stimulus and supply chain challenges.
Large infrastructure projects, the residential construction boom, surging transport costs and increased pressure on freight and reliability combined to drive increases across all key material and staffing indicators over the past 12 months, according to data from global professional services firm Turner & Townsend and commercial agency CBRE.
But, in good news for home builders and the construction sector more broadly, prices should peak this year and moderate next year. “Most cost escalations have now been built into project pricing, particularly for building materials, and further price increases will be more modest,” CBRE’s head of research Kate Bailey said.
“While supply chain delays will persist, improvements are expected in early 2023 with cost increases from next year onwards to be largely driven by higher wage costs,” Bailey said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sir Clive Woodward leads attacks on Eddie Jones after loss to WallabiesWorld Cup-winning coach Sir Clive Woodward has criticised Eddie Jones for his team selection and the direction of England, who fell to an Australian side who “were not that good”.
Read more »
Risk of deadly gas blasts rising as cash-strapped UK homeowners skip checksGas Safe Register finds almost one in three not booking annual gas safety checks due to cost of living crisis
Read more »
Events like Italian glacier collapse likely to increase as planet heatsAnalysis: Effects of climate change already affecting mountaineering beyond deadly glacier collapse on Marmolada
Read more »
Italian glacier collapse: rescue teams continue search for missing hikersAt least six killed and others unaccounted for after chunk of melting glacier broke off and crashed into walkers
Read more »
Putin: His Life and Times review – the collapse that shaped the man who would be tsarPhilip Short’s meticulous new biography forces us to look at Vladimir Putin’s most appalling acts from a Russian perspective
Read more »