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🔹 Rising Construction Timelines & Housing ImpactÂ
The average time to build a standalone house in Australia has increased from 9 months (15 years ago) to 12.7 months, a 40% jump. Apartment construction now takes an average of 33.3 months—up by nearly 80%. This extended timeline limits housing supply and contributes to higher property prices, impacting Australia’s housing crisis significantly.
🔹 Interest Rate Predictions & CPI TrendsÂ
With the Consumer Price Index (CPI) rising only 0.2% for Q3 2024 (an annual increase of 2.8%), inflation pressures are easing. Major banks forecast potential rate cuts starting as early as February 2025, which could further stabilize market activity.
🔹 CFMEU Reforms & Industry Clean-UpÂ
Recent ABC investigations revealed CFMEU construction sector infiltration by outlaw motorcycle gangs, prompting the government to place all branches under administration. This action is expected to drive overdue reforms and improve industry transparency and safety.
🔹 Insurance Replacement Valuations on the RiseÂ
With escalating project costs, accurately valuing construction replacements has become essential. Insurance Replacement Valuations now need to cover building replacement costs, professional fees, and demolition costs, ensuring that properties are adequately protected.
🔹 Labour Shortages & Skill DevelopmentÂ
Workforce gaps continue to challenge the industry. Technical colleges are being set up in South Australia to address these shortages long-term. The increased interest in training young professionals is crucial for a sustainable construction workforce.
🔹 Key Infrastructure & Development ProjectsÂ
Several major projects are underway, including Bouygues’ $2 billion contract in Australia, boosting national infrastructure. Brisbane’s West End is also seeing high-end development adjustments, catering to families and downsizers seeking luxury living.
