CoreLogic and quantity surveyors warn flood rebuild costs in south-east Queensland and northern NSW could rise 20-50 per cent on labour and materials shortages. About 5000 homes need replacing; UDIA national president Maxwell Shifman says the backlog may take two or three years to clear.
As I told the Australian Financial Review: “We are already extremely labour supply constrained, and it’s even more acute in the regions, so that’s going to put additional pressure on the builders who are already struggling to keep up with underlying demand.”
I also said: “I can't see a lot of these homes being replaced quickly even if they have been cleaned up and demolished. I think it’s going to take probably two or three years really to get through this backlog now.”
the Australian Financial Review, 21 March 2022 — Read the full article