According to The Australian Financial Review, surging construction cost inflation that is making projects unviable and causing developers to shelve them will ease next year as a global weakening in demand softens prices, helping calm inflation in the wider economy, according to fresh forecasts from consultancy RLB.
Construction cost growth should slow from 11.5 per cent this year to 5.5 per cent in calendar year 2023 in Gold Coast alone, while in Melbourne it will halve from 8 per cent to 4 per cent and drop from 6.9 per cent to 3.9 per cent in Sydney, the quantity surveying firm’s International Report Q2 2022 forecasts show.
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