If you’re considering building in Queensland, knowing the cost is essential. Building materials prices have remained relatively steady over the years; however, labour rates have seen significant increases; thus increasing actual construction costs by about 20%.
Australians currently spend on average about $270 per square metre to build new houses, though this varies according to location and home type, with single-storey prices usually being slightly less than those for double-storey ones. Additional costs associated with meeting stringent energy efficiency standards as well as building to the highest safety standard are often associated with building new houses.
One of the biggest hurdles when purchasing a new construction home is selecting an appropriate block to build on. South East Queensland provides plenty of lifestyle opportunities with its lush hinterlands and vibrant city life. To maximize your investment, it’s essential that you select one that reflects your goals and lifestyle preferences.
New construction homes QLD
The number of newly approved residential dwellings increased sharply during the COVID-19 pandemic, rising 40.6 percent to 147,399 approvals by 2021-22 and by 6.1 percentage points overall to make up 66.7 percent of all newly built units. This rise can largely be attributed to houses being more likely to qualify for government stimulus than townhouses or apartments which typically take longer for approval processes.
This surge of new starts led to an unprecedented increase in dwellings under construction, compounded by industry insolvencies, supply chain constraints, and extreme weather events – factors which delayed project completion while slowing overall pace of construction that eventually began to reduce through mid-2023.
Even with these setbacks, the number of new private dwellings under construction reached its highest peak ever during March quarter 2023 at 104,315 units. Since then, improvements to trade and material supply have been implemented and approval rates have returned to more normal levels.
New Build Homes Queensland
There are many advantages of purchasing a brand-new property when purchasing your next house or apartment, such as modern amenities unavailable to older properties, reduced energy use and maintenance requirements as well as being more energy efficient overall – saving you money over time. Furthermore, when purchasing one as part of a house and land package purchase you only pay stamp duty on one part rather than both components – saving further on fees!