Construction cost growth stabilising within residential building sector
In what could be a welcome relief to many, a sharp slowdown in the pace of construction cost growth may be an early sign that pressures are stabilising within the building sector.
CoreLogic’s Cordell Construction Cost Index (CCCI) tracks the cost of building a typical new dwelling and returned a quarterly growth rate of 0.5% for the September quarter, the smallest lift since the three months to June 2019.
“This is the fourth consecutive slowdown in the quarterly pace of growth for residential construction costs.
The slowdown in new dwelling approvals also points to mixed news for the construction industry next year. On the one hand, this will free up capacity for material and labour resources, but it will also mean greater competition for new jobs.” – Eliza Owen, CoreLogic Head of Australian Research
Construction cost management and growth strategies
To help keep on top of these changing material and labour costs, as well as create a strong pipeline of leads, thousands in the construction industry are combining CoreLogic solutions to:
- Find new leads with access to construction activity timelines and decision-maker contact details with Cordell Connect
- Help to reduce cost overruns by creating estimates quickly and with in-depth costings data with Cordell Estimator Platinum
- Identify properties to purchase, create automatic valuations for pricing insight, and verify ownership status with RP Data
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