Australian construction costs continue to go up - and up
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Australian construction costs continue to go up – and up

Victoria has been worst hit by rising prices over the past year, with no end in sight

By Robyn Willis
Fri, Oct 7, 2022 10:30amGrey Clock 2 min

National construction costs are continuing to climb at record rates, CoreLogic reports.

The Cordell Construction Cost Index showed residential construction costs increased by 11 percent over the 12 months to September 2022 across the country, compared with a 10 percent rise recorded over the past 12 month to June this year.

The rising costs, especially for timber and metals, were impacting on structural stages of housing construction, such as framing and reinforcing, CoreLogic construction cost estimation manager, John Bennett said.

“This quarter has also shown a larger increase in the cost of wall linings, including plasterboard and fibre cement, which previously had been relatively stable,” he said. “It will cost you more to get into your house too, with the price of doors showing a sharp rise in the last quarter.”

Queensland was the worst affected state this quarter, recording a 5.8 percent increase, followed by Victoria at 5.6 percent and NSW at 4 percent. Western Australia saw the lowest quarterly increase at 3.3 percent.

Victoria has experienced the highest rise in construction costs over the past 12 months, recording a 12.3 percent increase to September this year.

CoreLogic research director Tim Lawless said there was no easy answer to the pressures of rising material costs and the COVID-related backlog of residential construction that is still apparent. Recent weather events, and the subsequent damage to homes that now required repairs, would only add to the squeeze on resources in the building industry, he said.

“There’s no quick solution for providing additional materials and fuel costs remain elevated. All of these factors have an impact and are likely to push building costs higher for some time yet,” Mr Lawless said.

“Persistently high construction costs are clearly adding to inflationary pressures as well, with the price of new dwellings one of the most significant contributors to the June quarter inflation reading.”  



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The home in the village of Sagaponack has plenty of balconies to take in the surrounding water views

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A waterfront home in the Hamptons village of Sagaponack, New York, is on the market for the very first time.

Asking $25.95 million, the gray shingle-style home was built in 2008 by the seller and has since been available as a summer rental, but it’s never been up for sale.

Designed by architect Faruk Yorgancioglu, the “waterfront home offers privacy and panoramic beauty that cannot be duplicated under today’s zoning laws,” said co-listing agent Marilyn Clark of Sotheby’s International Realty – Bridgehampton Brokerage.

Jaime Lopez for Sotheby’s International Realty

The seller bought the property, which at the time had two small structures, at auction in 2005 for approximately $2 million, according to co-listing agent Deborah Pirro of Daniel Gale Sotheby’s International Realty. Mansion Global could not contact the seller.

The home hit the market Thursday, and in addition to Clark and Pirro, it is co-listed by Raquel Lopez of Sotheby’s International Realty – Bridgehampton Brokerage and Diane Anderson of Daniel Gale Sotheby’s International Realty.

Spanning 6,000 square feet, the home is filled with bright interiors, which were designed by New York-based interior designer Steven Gambrel. The open gourmet kitchen flows into a casual dining area and a living space with a fireplace, which is one of two double-sided fireplaces in the home, Pirro said.

A sunroom overlooks the water.
Jaime Lopez for Sotheby’s International Realty

“The placement and scale of fireplaces throughout the home is perfection,” she added.

A separate dining room has French doors that open onto a deck, listing photos show.

There are six en-suite bedrooms, including two primary bedrooms. The larger of the two is its own private retreat, outfitted with a fireplace, a sunroom and a large balcony, offering a space to watch the sun set over Sagaponack Pond, according to Sotheby’s.

Jaime Lopez for Sotheby’s International Realty

The home sits on a little more than an acre of waterfront land, bordering Sagaponack Pond, where there’s a private dock, and looking out at the Atlantic Ocean in the distance.

“The location on the pond with the view of the ocean waves breaking is spectacular and unique,” Clark said. “You are close to beaches and the Sagaponack General Store. It is a quick paddle to the famous Sagg Main Beach.”

Other outside amenities include a gunite swimming pool and a hot tub, which are surrounded by a spacious deck, as well as a pool cabana, which has a full bathroom, changing rooms and a sauna. There’s also multiple balconies, decks and a screened porch overlooking the pool, striking a balance between indoor and outdoor living.

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