High-rise apartment towers can be plagued by high vacancy rates, which may affect their resale value. Picture: Jay Town
NEW BUILDS When buying a new build, it d be nice to assume the tradie had covered all bases during construction, Builders Collective national president Phil Dwyer said. But putting blind faith in the builder was fraught with risk and could lead to costly headaches, he said. A building inspector was needed to go through the structure with a fine-tooth comb. He also recommended people do a background check on the builder by getting references from friends and family or even contacting some of their previous clients.
$65b renovation boom drives up prices and slows completion
Home renovators are being warned to expect even bigger price hikes and more shortages.
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A record boom in home renovations and unprecedented demand for timber and other building products is increasing costs by up to 30 per cent, causing shortages and delaying completion.
Suppliers warn timber costs have risen by up to 15 per cent and say there will be more rises before year-end due to “serious constraints” on imports because of global competition.
Home renovation boom is causing cost blowouts and delays.
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Low interest rates, rising property prices, the federal government’s HomeBuilder scheme and strong demand for extensions and renovations following COVID-19 lockdowns have resulted in record volumes of renovation applications and approvals, according to the Australian Bureau of Statistics.