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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.
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
“Two cuts to the cash rate have seen the volume of detached house building approvals rise to be 3.2 per cent higher than the same month last year,” stated HIA Senior Economist Tom Devitt.
“Building approvals data released today highlights the magnitude of the task ahead if we are to achieve the Government’s target of building 30,000 homes in the ACT over the next five years,” said Geordan Murray, acting HIA Executive Director ACT and Southern NSW.