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{{propApi.successMessage}} {{region}} Change locationHouse building material costs stabilise
House building material costs stabilise
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The Australian Bureau of Statistics (ABS) released its Producer Price Indexes for the September Quarter 2023, for a range of industries, including mining, manufacturing, construction and services industries.
“The ABS Producer Price Index for house construction inputs saw a 0.0 per cent change in the September 2023 quarter compared to the previous quarter,” added Mr Devitt.
“This sees the cost of house building materials just 4.4 per cent higher over the year, compared to a 17.3 per cent annual increase in 2021/22.
“The slowing in cost of house building inputs reflects a significant easing in the materials constraints that plagued the industry during the pandemic.
“Some of the worst affected products during the pandemic are now seeing outright declines in price.
“Last year, structural timber and reinforcing steel prices were both up by more than 60 per cent on pre-pandemic levels. In the last year, they have declined by 8.8 per cent and 5.3 per cent respectively. Steel beams and sections, which were up by more than 50 per cent a year ago, subsequently declined by 17.2 per cent.
“Most of Australia’s pandemic inflationary pressures came from building materials and fuel.
“As these pressures ease, it will provide more certainty of future house building costs, as well as hasten the need for a cut to interest rates,” concluded Mr Devitt.
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Tasmanian house approvals up 14 per cent
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Modern Methods of Construction require skills evolution, not workforce replacement
The Housing Industry Association (HIA) has welcomed the release of BuildSkills Australia's new report examining the workforce and skills implications of Modern Methods of Construction (MMC), saying the findings confirm that innovation in home building can be supported through evolution of existing skills and training pathways rather than wholesale workforce disruption.
Higher rates will not build more homes
“Today's increase in interest rates will further reduce the number of new homes Australia builds at the time when increased supply is the only sustainable solution to the affordability challenge,” stated HIA Senior Economist Tom Devitt.
HIA welcomes recommissioning of Cardup Brickworks
The Housing Industry Association (HIA) has welcomed the Cook Government's support for the recommissioning of the Austral Brickworks facility at Cardup, describing the decision as an important step towards improving building material supply and supporting the delivery of homes and infrastructure across Western Australia.