New home construction in Townsville has tapered over the past 12 months with the average number of house approvals per month down on the levels observed during 2013 and mid 2014.
Vacant land sales have also tapered during 2014 and into 2015 stemming from subdued economic conditions and a wide price differential between new versus existing housing retarding the economics of new home construction.
Current construction costs for a basic level low set masonry block dwelling offering 3- or 4-bedrooms and 1- or 2-bathrooms, garage, driveway and turf have a typical build cost of between $1,300 and $1,400 per square metre across the entire dwelling. These homes typically have main living areas of 110 to 125 square metres plus patios and car accommodation. This provides for a budget entry level new home of approximately $360,000 to $380,000.
Mid level houses are generally larger in size (150 to 200 square metres of main living area plus patios and car accommodation). These homes typically have a higher level of finish with a build cost around $260,000 to $300,000 ($1,300 to $1,400 per square metre across the entire dwelling). A package for a mid level entry home typically costs between $410,000 and $460,000, however it should be noted that the overall cost of new home construction is highly dependent on the underlying land value.
The higher end architectural homes have construction costs typically within $1,400 to $1,800 per square metre over the entire building. These homes are mostly found in the higher order residential locations and generally afford views of some kind. Packages for this style of property are typically in the order of $800,000 to $1,200,000 depending on location.
Construction costs on a rate per square metre basis over the past five to six years have increased by around $100 to $200 per square metre. The general feel is that this has transpired due to input costs.
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