At Perfect Space, we’re committed to remaining industry experts in our field, and that means following all developments and trends related to building and construction.
Currently, several circumstances are affecting our industry, including economic and supply factors, which subsequently influence delivery of our work. Therefore, we’ve put together the following points to help you navigate the current climate and share what we’re doing to mitigate the impact.
A recent study from SQM Research suggests Australia may soon reach the peak of the housing market with price falls expected mid-2022. Yet, the past few years have been anything but ordinary and amidst the pandemic we have seen a rise in home construction and renovations across the country. Extraordinary housing prices and low interest rates have created a building boom that has caught the construction industry off guard with shortages of materials and labour and disruptions from major supply chains. The result is the most expensive construction costs seen in well over a decade, particularly structural timber, and metal costs.
However, the pressure is also felt in the labour market with Australia facing a dramatic shortage of trade workers—down 20 per cent in the last quarter. This skills shortfall affects the timeframes for builds and renovations, often extending completion up to a year or more. During such instability it’s more important than ever to choose a builder you can trust to get the job done right and avoid the pitfalls of overblown costs or lengthy constructions.
It’s important that you collaborate with your builder throughout the entire building process to ensure your budget is effectively managed. Your builder should always discuss material availability and suggest any changes that may help the timeline.
At The Perfect Space, we understand the challenges and hardships the pandemic has brought us, including material and labour shortages. As we work together with you through the preconstruction design phase, we continually communicate any issues and provide live pricing updates during the process because we understand the importance of budget during these challenging times, and make it our mission to help you navigate through the process. Once you are ready to begin, we offer a fixed price contract providing you with peace of mind.
We’d love to discuss your plans and ideas so contact us to arrange a call.