Queensland building costs rising at double the national rate

first_imgCranes over Fortitude Valley and Brisbane City taken from Brookes Street, Bowen Hills. Picture: Richard WalkerQUEENSLAND construction costs have risen at almost double the national rate, with a new report warning of serious fallout once the current building surge died.Property analysis firm Matusik head Michael Matusik warned the surge in home building and infrastructure development for the Commonwealth Games had pushed up annual construction costs in the state by 5 per cent compared to 2.8 per cent nationally.He feared for “what will happen in Queensland once the current construction surge dies down”.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours ago“Some 43,000 new jobs have been created across Queensland over the last twelve months, of which 36,000 were part-time and, overall, just 7,000 were full-time positions. Construction was responsible for some 40 per cent (17,000) of these new jobs and nearly all of them full-time positions.”Mr Matuski questioned what new jobs would replace the Queensland construction positions when the surge died. Construction was responsible for some 40 per cent (17,000) of Queensland’s new jobs. Picture: Glenn BarnesQueensland had the highest annual change in total construction costs at 5 per cent, followed by New South Wales (4.8 per cent), Tasmania (3.1 per cent), ACT (2.1 per cent), Victoria (1.2 per cent), South Australia (0.90 per cent, and Northern Territory (0.5 per cent). The only state to see a fall in costs was Western Australia (-0.6 per cent).Mr Matusik said Queensland also led the annual change in detached housing construction costs at 4.8 per cent, which was significantly higher than the national rate of 1.5 per cent. High demand also saw major rises in Victoria (4.7 per cent) and New South Wales (3.9 per cent).The annual change in apartment construction costs for Queensland was at double the national pace (5.3 per cent compared to 2.6 per cent nationally), but it was Tasmanian that saw the highest rate of growth in multi-dwelling building costs at 6.4 per cent, he said.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *