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CoreLogic’s national Cordell Housing Index Price (CHIP) rose by 1.0 per cent over the December quarter, up from a 0.6 of a percentage point increase from the previous quarter. This marks the highest quarterly increase over 2020. The Cordell Housing Index Price measures the rate of change of construction costs within the residential market and covers freestanding and semi-detached single and two-storey dwellings. Of the states and territories, Queensland saw the highest quarterly growth in the CHIP index at 1.8 per cent, followed by Victoria with 1 per cent and New South Wales, South Australia and Western Australia with 0.7 of a percentage point. The higher housing construction costs were in line with the surge in new residential house building activity, according to CoreLogic’s executive director of research, Tim Lawless. Based on seasonally adjusted figures from the Australian Bureau of Statistics, the total number of dwellings approved rose by 2.6 per cent in November. Further, employment in the construction industry, which accounts for around 9.2 per cent of the total workforce, increased by 2.0 per cent over the three months to November 2020. Get complete details at: x Housing construction costs rise as demand persists Residential housing construction costs trend higher as dwelling approvals for houses reach record highs, a new report found. www.smartpropertyinvestment.com.au
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