"We are expecting to see some more insolvencies.
AMP chief economist Shane Oliver said builders were feeling the same pressures hitting households and more were likely to be unable to survive the cost pressures. "As [material] costs go up, that starts to put the squeeze on them, particularly at a time when demand for new property has declined a little bit because of higher interest rates," Dr Oliver said.
We need more houses and we need higher wages & more jobs in construction. The price of land & materials is off the show, and building restrictions make it uneconomical. We need to make it economical again by culling building restrictions. Allow them to clear land & build higher.
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