CoreLogic has released its latest Cordell Housing Index Price (CHIP), which measures the rate of change of construction costs within the residential market and covers freestanding and semi-detached single and two storey dwelling homes.
As shown below, residential construction costs were up 0.5% over the June quarter and 3.8% higher over the year, continuing a trend where the cost of building residential projects continues to outpace inflation:
New South Wales continues to recorded the highest residential costs increase, up 4.5% on an annual basis, while Western Australia has the lowest rate at 2.9%:
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