Page 5 - Professional Builders News Today

A Victorian building company is the latest to go under as cost of living pressures put increased strain on the industry. Waterford Homes appointed liquidators on Friday.

Australian builders are on the brink of going bust due to soaring raw material costs for fixed price contracts and half are struggling to make a profit. 

Following a bailout offer from the New South Wales government, Metricon has secured a massive new bank loan, temporarily saving it from joining the growing list of building industry liquidations.

The Housing Industry Association has unveiled the winners of the 2022 HIA-CSR Australian Housing Awards, with Queensland’s JW Constructions taking home the HIA-CSR Australian Home of the Year award.

The Association of Professional Builders (APB), a business coaching service for custom home builders, with members in the United States, Canada, Australia and New Zealand, has announced the findings from its annual State of Residential Construction Industry (SORCI) Report for 2022.

The cost of building materials such as timber and steel was already high due to COVID-19 disruptions and is expected to get worse with the recent floods and war in Ukraine.

The task of rebuilding about 5000 homes which were destroyed by floods in NSW and Queensland is expected to take years.

Probuild, one of the country's largest construction companies has collapsed, leaving $5 billion in unfinished projects.

With explosive labor and supply costs and long delays, builders are referring to this time as a profitless boom for the building industry.

Global supply chain issues and pent-up demand are creating a perfect storm, and have pushed up renovation costs since the start of the COVID-19 pandemic.