The CoreLogic Cordell Construction Cost Index for the last quarter of 2021 shows a 6.2 percent increase.
That's the highest in four years.
But experts are warning that figure could hit double digits.
CoreLogic chief economist Kelvin Davidson told Kate Hawkesby costs could easily rise to 10 per cent or more and stay that way.
“The builders, they’ve got such a big pipeline of work in front of them and Omicron, Covid I think there’s going to be supply disruptions for a while so I could imagine double digits for a little period of time.”
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