So are building costs also increasing?
Yes – but on a much smaller scale.
CoreLogic data shows that residential construction costs rose by 0.8 per cent over the three months to March. Annually they rose 3.3 per cent.
Queensland’s construction costs slowed in the March quarter after a solid December quarter, bringing our overall growth back in line with the national growth rate.
Wonderful, you say. But what does it mean for your hip pocket if you want to build a home?
Building costs are notoriously hard to predict because the type of house you build, the quality of the finishes and the site you choose to build upon all influence costs dramatically.
But some property boffins have had a good crack at providing rule-of-thumb estimates.
As a guide, Property Update has published costs based on a standard home of 150-170 square metres.
- A budget-style, basic home is roughly $160,000 for a 3-bedroom home and from $190,000 for a 4-bedroom home. For a turnkey package, add another $18,000 to $20,000.
- A standard home is roughly $180,000 for a 3-bedroom home and from $200,000 for a 4-bedroom home. For a turnkey package, add another $20,000 to $22,000.
- A premium, higher end home starts from $200,000 for a 3-bedroom home and from $220,000 for a 4-bedroom home. For a turnkey package, add approximately $22,000 to $25,000.
- Want another storey? Add an $80,000 to $100,000.
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