How Much Does It Cost to Build in Melbourne?
A quick look at this article by realestate.com.au will give you a ball-park figure of the construction costs around Melbourne. However, due to the complexities associated with construction a lot of other variables will come into play which can dramatically affect the final value.
According to the Australian Bureau of Statistics, the average cost of construction, as of June 2018, is $1,270.80 per square metre, but this number can vary significantly depending on the nature of the project.
The article states that the most significant financial expense for the construction of a new home is the price of the land. The Urban Development Institute of Australia’s 2018 report calculated the average lot price in Melbourne to be $304,000 in 2017.
Average costs for building a home in Melbourne
It’s not just the price of land which can impact the value of the home, but other variables can affect construction costs as well. In Australia, an average lot size is 251.7 sqm, which means that the average building costs will come in at around $320,000 when you consider the average of $1,270.80 per sqm.
The average price can provide a ball-park figure for most suburban homes, but when you add architectural design into the pricing, the value can jump to $3,000 per sqm, and often goes all the way to up to well over $5,000 per sqm.
If the construction needs to accommodate the type of soil and the slope of the land, then construction costs will also move beyond the national average.
Need help with a Melbourne building cost estimator?
Melbourne construction cost estimators like Newin Building Estimating Services aim to remove much of the uncertainty related to construction cost budgeting when building or renovating.
Newin can help you more accurately estimate building costs to ensure your project remains achievable and viable.
Call today to find out more.
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