Ensuring you understand how today’s construction costs and competitive pricing relate to your new home build will pay you dividends.
In today’s economic climate, it’s vital to understand how your extension or new build could be affected by surging market conditions. Current financial and property markets require a clear understanding of contract options when building a home. Here are some areas to familiarise yourself with as you embark on your build.
Understanding the increases
Australia is experiencing a building boom, placing tradespeople and skilled laborers in serious demand. Competitive rates to secure industry talent are one reason residential builds presently require higher budgets.
Another leading reason is the jump in construction costs. A combination of factors is behind the increasing fees for building materials. First and foremost is the impact of the pandemic on global supply chains. In December 2021, the Master Builders Association of Victoria confirmed, “the cost of building a home in Victoria is rising faster than any other state because supply prices have hiked.”
The issue continues to greatly affect the local construction industry. In the face of ongoing shortages of materials such as concrete and timber, the Victorian Government released a 2022 supply chain report. News outlets noted that in the last year, Australia builders have experienced the fastest annual growth of cost of construction in decades, dating as far back as 2001, since the introduction of the GST.
Transport issues, including the rising cost of fuel, also play a part, and the decreasing availability of materials and increasing demand for supply (including an uptick in renovation needs) creates a perfect storm of price rises.
Our detailed cost analysis
A project quote from Sheridan Building is a detailed document offering security in today’s escalating supply conditions. While some builders provide short quotes based on a square metre rate, we customise our costing.
A fixed price building contract offers you a relative sense of budget security and clear leeway. Whatever the present market circumstances, Sheridan Building maintain the highest standard of service—including fair pricing.
Our cost analysis is based on up-to-date market figures because we liaise and negotiate with trusted suppliers to source materials, and work with talented tradespeople with whom we have strong connections. This allows us to secure competitive rates.
Our trustworthy reputation is built on consistent attention to detail. Sheridan Building will review all proposed construction methods, confirming the planned process is the most cost and time effective.
Using this information, our Estimator creates an itemised and detailed cost analysis for your dream home build or renovation, giving you clear access to all figures. Transparency is essential and our quotes cover all necessary information, so you can proceed your financing plans with confidence.
Discuss your dream home build with us
With multi-generational experience in Melbourne’s building scene, Sheridan Building is a renowned creator of award-winning luxury homes. Trust us to navigate present market conditions for an economical yet luxe custom home build.
From consultation to handover, we take pride in our clear-cut process. A friendly member of our team is always ready to talk through your dream home vision. Reach out to us so we can begin your building journey with you.