Housing construction costs rose 1% over the December quarter
CoreLogic’s national Cordell Housing Index Price rose by 1.0 per cent over the three months to December 2020, after the previous quarter increased by a lower 0.6 per cent.
The Cordell Housing Index Price (CHIP) measures the rate of change of construction costs within the residential market and covers freestanding and semi-detached single and two storey dwellings.
The final index for 2020 showed residential construction costs were 3.6 per cent higher annually. Meanwhile, figures show the consumer price index (CPI) increased by 1.6 per cent over the September 2020 quarter, compared to a fall of -1.9 per cent over the previous quarter which was largely driven by free child care and price falls in automotive fuels.