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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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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