Construction costs ease but labour supply problems persist
The handbrake is still on the Australian residential building market as industry remains at a crossroads
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Last week’s data from the Cordell Construction Cost Index (CCCI) revealed the cost of building materials is finally beginning to slow, but construction woes are not over yet.
Ray White chief economist Nerida Conisbee said while the cost of key materials such as timber and steel had eased over the past quarter, other factors meant that delays in the building industry are set to continue.
“While cheaper materials are helping things, labour supply remains a problem with too few workers,” Ms Conisbee said. “Over the past quarter there were 33,100 job vacancies in the construction industry. This however is a reduction from the 40,000 vacancies 12 months ago.”
Those hoping that more favourable conditions means that more new housing stock would come onto the market would also be disappointed, she said.
“While it’s great news that construction costs are slowing, there will continue to be challenges in getting enough homes built over the next two years,” she said. “Building approvals are currently at a decade low and it will take some time for the pipeline to build.”
Population growth that has seen numbers increase by 500,000 in the past year was likely to put further pressure on demand for more homes.
“That means that in just one year, we need roughly an additional 200,000 homes,” she said. “With 173,000 homes built last year, we are falling short in just one year by 27,000 homes.
“Reaching greater affordability for buyers and renters is unlikely to happen anytime soon with such a shortfall.”
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The partnership gives Citizen Kanebridge members priority access to elite rallies, track days and Formula 1 hospitality, beginning with the Australian Grand Prix.
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Citizen Kanebridge Car Club has announced a major new partnership with Bullrush Rally, Australia’s leading automotive lifestyle community, unlocking a powerful series of exclusive driving and motorsport experiences for its private members.
The collaboration will give Citizen Kanebridge members privileged access to Bullrush Rally’s coveted calendar, including supercar rallies, private track days, curated drive events and premium Formula 1 hospitality.
It marks a significant expansion of the club’s automotive offering and reinforces its position as a private members’ platform built around access, connection and exceptional experiences.
“This partnership with Bullrush Rally represents exactly the type of exclusive opportunities Citizen Kanebridge was created to deliver,” Marwan Rahme, CEO of Kanebridge Media, said.
“Bullrush has built an extraordinary community around automotive passion and lifestyle, and we’re incredibly excited to give our members access to these experiences.
“It’s about creating unforgettable moments and bringing like-minded people together through shared passions.”
The first experience available through the partnership will see Citizen Kanebridge Car Club members offered access to the Bullrush Rally Suite at the Formula 1 Qatar Airways Australian Grand Prix in Melbourne on Sunday, March 8.
Positioned on Walker Straight with a private trackside balcony, the Bullrush Rally Suite offers prime views of the main straight alongside gourmet dining, premium beverages, live entertainment and exclusive hospitality.
Guests will also have the opportunity to meet Günther Steiner, the former Haas Formula One Team Principal and one of the sport’s most recognisable figures, following his starring role in Netflix’s global hit series Drive to Survive.
Known for his candid leadership style and pivotal role in establishing the Haas team in Formula 1, Steiner has become one of the most influential and charismatic personalities in modern motorsport.
Founded in 2014, Bullrush Rally has grown into one of Australia’s most respected automotive communities, bringing together successful entrepreneurs, executives and enthusiasts through curated rallies, track days and high-end lifestyle events.
Beyond its luxury experiences, the organisation has raised more than $250,000 for charities supporting sick children, mental health initiatives and medical research across Australia.
Through the new partnership, Citizen Kanebridge Car Club members will gain priority access to Bullrush’s flagship events, including multi-day rallies, Formula 1 hospitality suites, exclusive track days and private member-only gatherings.
The collaboration represents a significant evolution of Citizen Kanebridge’s automotive offering, positioning the club at the centre of Australia’s most exclusive driving and motorsport experiences, while continuing to deliver the access and opportunities that define the private members’ platform.
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