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Renovation and new home building costs are expected to drop in the next six months, Archicentre has revealed.
Archicentre, the building advisory service of the Australian Institute of Architects, said that as tradespeople moved from commercial to residential projects as a result of the slowdown in new commercial work, this in turn would increase competition for the new home and renovation sector.
“Custom designed homes and renovations could drop from 5 to 15 per cent in some states," Angus Kell, ACT and NSW state manager of Archicentre said.
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“Coupled with the rapidly reducing interest rates we are seeing the best climate for residential construction for many years,” he said.
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