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News

Rising constructions costs continue to drive higher prices for new dwellings

New dwelling purchase by owner occupiers, Australia, quarterly and annual movement (%).jpeg

New dwelling prices recorded their largest annual rise since the series commenced in the June 1999 quarter. Price rises continue to be driven by high levels of building construction activity combined with ongoing shortages of materials and labour.

Fewer payments of government construction grants compared to the previous quarter also contributed to the rise this quarter.  These grants have the effect of reducing out of pocket expenses for new dwelling purchases.

https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release

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