Homebuilding costs up 3.4pc in 2024 – will 2025 bring relief?
Content details
Title
Homebuilding costs up 3.4pc in 2024 – will 2025 bring relief?
Industry Body
Subject
Residential construction costs grew 3.4 per cent over the 12 months to December 2024, but experts say cost escalation in 2025 could be even higher. The cost of construction is now 30.8 per cent higher since the onset of COVID. CoreLogic Economist Kaytlin Ezzy said the re-acceleration of costs was largely driven by labour pressures, as well as increases in electrical and plumbing fixtures and fittings, landscaping products, kitchen joinery and specialised timber products.
Publishing date
10 February 25