People building homes are feeling the pinch from both rising interest rate payments and higher material and labour costs.
People building homes are feeling the pinch from both rising interest rate payments and higher material and labour costs, luxury residential construction company BuildX director Patrick El Khouri says.
indicate inflation in the cost of building a new home has eased slightly, but these costs have led to prices still being 13 per cent higher than a year ago.A BuildX project that was initially quoted at the start of 2022 at $2.1 million ended up having a final contract value of $2.55 million thanks to sky-high material costs and labour shortages, Mr El Khouri said.
Mark Bauer, the chief executive of construction company Manteena, said he too was experiencing a drop in demand of between 20 per cent and 30 per cent for new residential homes.
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