The construction of new builds is coming to a halt.
About 35,000 new builds were given consent in the last year – more than a 20% drop from the period ending April 2023.
This is being chalked up to inflation and the cost-of-living crisis.
Chief Executive of Building Industry Federation, Julien Leys, told Tim Beveridge “The Covid building boom is over.”
Leys said “Interestingly enough, the renovation market is doing quite well – and we’ve seen a bit of a boost come through with infrastructure.”
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