How much does it cost to build a new house in different states across the nation?
Many factors influence the cost of building a new home in Australia. Besides the most obvious ones of lot price, building materials, design, and labour, several other factors are now influencing the market.
Historic low-interest rates, implemented in the wake of the pandemic-related slow-down, have fuelled a general real estate boom – causing significant increases in land values. At the same time, pandemic-related delays to international shipping have caused the cost of imports to soar, which are invariably being passed on to the customer. Finally, government stimulus in the form of the HomeBuilder subsidy scheme has led to heightened levels of activity in the building industry, causing even more delays for new construction projects.
Savvy’s Average Cost of Building a New Home in Australia infographic, update for 2021, presents the latest findings from a variety of renowned sources.
– ABS, Characteristics of new Residential Dwellings – A 15-year Summary, 15/04/2020
– RLB, Riders Digest 2021, pp. 24-25.
– ABS, Residential Dwellings: Values, Mean Price and Number by State and Territories, 2021.
– ABS, Building Approvals Australia, Aug. 2021.
– UDIA, State of the Land, p9, 2021
– Dr. D. Mardiasmo, PRD Chief Economist, Australian Economic & Property Report, p10. Aug. 2021.
– Reserve Bank of Australia, 2021.
– HomeBuilder Grant, RevenueSA, 2021.