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Construction costs rising at a near record-setting rate

Construction costs are rising at their fastest rate since the introduction of the GST, with supply chain disruptions causing a shortage of building materials as new builds and renovations activity soars.

Aerial phtograph of several houses being constructed
An all-time high in building approvals is translating into heightened levels of construction activity, and costs are rising fast. Photo: Shutterstock

Construction costs are rising at their fastest rate since the introduction of the GST, with supply chain disruptions causing a shortage of building materials as new builds and renovations activity soars.

Data released by CoreLogic showed construction costs increased 3.8 per cent nationally in the September quarter, far outpacing the 0.8 per cent growth recorded in the Consumer Price Index at the same time. 

The quarterly increase to the Cordell…