Construction costs ease but labour supply problems persist

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.”

A $25 bottle of Shiraz from South Australia has achieved something few wines ever do: it has claimed the top spot in a prestigious international competition and outperformed rivals many times its price.

The 2023 Classic Shiraz from Beresford Estate in McLaren Vale was awarded the International Syrah Trophy at the 2026 International Wine Challenge, one of the wine industry’s most respected judging events.

The wine also received 97 points, a Gold Medal and four major trophies, making it the highest-scoring Australian trophy winner in this year’s competition.

The result placed the wine first among 111 Shiraz entries from around the world and ahead of several highly regarded Australian trophy-winning wines.

For wine lovers, the award is notable not only for the competition’s standing but also for the price. At a recommended retail price of just $25, the Beresford Classic Shiraz sits firmly in the everyday-drinking category rather than the rarefied world of collector wines.

Head winemaker Natalie Cleghorn said the result reflected the quality of fruit produced in McLaren Vale.

“This result is a genuine reflection of what McLaren Vale is capable of. When you let the fruit and the site do the talking, the quality speaks for itself.”

According to the tasting notes, the wine opens with blueberry and plum aromas alongside floral notes and spice, while the palate delivers red cherry, plum, dried fruit, eucalyptus, and savoury spice, supported by bright acidity and fine-grained tannins.

The accolade adds to the growing reputation of Beresford Estate, which was founded in 1985 and has accumulated more than 2,000 medals and 200 trophies globally. The estate is located on a 70-acre vineyard in McLaren Vale and produces a range of wines including Shiraz, Grenache, Cabernet Sauvignon and Chardonnay.

While luxury wine collectors often chase bottles costing hundreds or even thousands of dollars, Beresford’s latest success is a reminder that world-class wine does not always come with a world-class price tag.

Construction costs ease but labour supply problems persist

The handbrake is still on the Australian residential building market as industry remains at a crossroads

A McLaren Vale Shiraz has beaten more than 100 global rivals to be crowned the world’s best at one of the wine industry’s most respected competitions.