๐๐ผ๐๐๐ฒ ๐๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐๐ผ๐๐๐ ๐ฅ๐ถ๐๐ฒ ๐ฌ% ๐ถ๐ป ๐ฆ๐ฒ๐ฝ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ค๐๐ฎ๐ฟ๐๐ฒ๐ฟ
In good news for anyone wanting to build a new house, there's been a dramatic reduction in the rate at which the cost of building materials is increasing.
The cost of house building materials was unchanged in the September quarter compared to the previous quarter โ the first time in four years there had been no quarterly increase. As a result, prices rose only 4.4% over the year, well down on the 17.3% annual growth recorded in 2022.
Housing Industry Association senior economist Tom Devitt said this reflected a significant easing in the materials constraints that plagued the industry during the pandemic.
โSome of the worst-affected products during the pandemic are now seeing outright declines in price,โ he said.
โLast year, structural timber and reinforcing steel prices were both up by more than 60% on pre-pandemic levels. In the last year, they have declined by 8.8% and 5.3% respectively. Steel beams and sections, which were up by more than 50% a year ago, subsequently declined by 17.2%.โ
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge.
Weโll take the time to get to know you and your unique situation and speak in a
language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
