2023 New Home Builds Are Becoming More Expensive in Australia

2023 Australian Construction Update: Why it’s becoming more expensive to build a House

Building a house is an exciting adventure, but the Australian construction industry has experienced significant cost increases in recent years. The cost of construction materials is on the rise, making the dream of building your own home a bit more of a challenge. But there is a service that can help you plan ahead and keep your budget in check: a building cost estimator service.

 

Why construction costs are rising in Australia?

What’s behind this increase in construction costs? The answer lies in a few key factors. Energy costs are going up globally, which affects the price of some construction materials like cement, glass, and aluminum. These are energy-intensive resources, meaning they require a lot of power to produce.

Supply chain issues have also played a part. Even though things are improving, builders in Australia still sometimes struggle to get certain materials quickly. For instance, concrete, which requires a lot of energy and space for transport, is one material that can be difficult to obtain.

Another significant factor is the shortage of qualified workers in the industry. With fewer tradespeople, like tilers, painters, and carpenters available, projects take longer to finish. Extended timelines always lead to increases in the overall cost of a project, especially when finance is involved.

Finally, global events have brought about a major shift in the building industry. People who purchased land during the pandemic are facing higher construction prices than anticipated, leading to some tough decisions about whether to build or sell.  So, as you can see, there are a lot of dynamic, moving parts that influence the cost of building a home in Australia. [source: ABC]

 

How a building cost estimator can help?

There’s not much anyone can do about rising construction costs, so how can a building cost estimator make a property more affordable?

After you have settled on your building options, including the roof type, fittings, and finishes, the cost estimator begins their work. They assess the details and calculate the number of materials you’ll need, taking into consideration every aspect of the project. Of course, there are usually recommendations to be made throughout the process, so your design is not set in stone at this stage.

Using their in-depth knowledge of the building industry, such as current material and labour costs and global trends, Newin can accurately estimate the cost of construction, including added expenses like GST.

The greatest benefit of working with a building cost estimator is the peace of mind it brings. Knowing that your project budget is grounded in expert analysis helps prevent unwanted surprises.

By bringing accuracy and detailed consideration to your construction budget, a professional building cost estimator can potentially save you thousands on your next construction project or new home.

Building a home is a significant investment, and with rising construction costs, it can feel like you are always one step away from achieving your dreams. However, with an experienced building cost estimator by your side, you can navigate the process with confidence.

 

Use a construction cost estimator and build faster!

Construction cost estimators like Newin Building Estimating Services remove much of the hassle and uncertainty of new home builds, creating an excellent resource for overcoming the current spate of challenges. By using professional connections in the building industry and drawing on their decades of experience, Newin can help new home builders more accurately estimate building costs and ensure their project remains on schedule. Call today to find out more.

 

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