Construction firms across Australia are crumbling in record numbers and leaving hundreds of millions of dollars in unfinished projects. 7NEWS
so it could concentrate on finishing houses already under construction.
The industry veteran said fixed-priced contracts, in particular, are hurting builders juggling surging supply costs and expected more pain was on the horizon.“There are so many issues. I can’t see an early fix or a quick way out of it.”The results have been devastating for customers whose housing dreams have been left in limbo.
“Building costs are skyrocketing. Materials and labour costs are at record levels and rising inflation is putting huge pressure on builders.” “The 10 per cent drop in steel product prices over the past year was the most significant change, with a welcome reduction of 4.4 per cent in the cost of structural timber also occurring.
While steel prices have declined, Master Builders Australia expects accelerating inflation on other materials.While cost blowouts for builders and slow constructions are common industry sore points, housing groups say there is also now a dwindling demand for new properties. Home building approvals fell by 7.7 per cent in June and higher-density home building approvals sunk by 21 per cent.
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