News in Australian Brokers article by Jayden Fennel with Mirasol on Building Cost Blow-outs  .

Price increases for clients building new homes are becoming a common problem, says a Sydney broker

Many Australians who have signed fixed-price building contracts and have commenced construction or waiting to start are experiencing price rises due to ongoing supply chain issues.

Sphere Loans director Mirasol San Esteban (pictured) said she had been working with multiple clients in recent months whose fixed-price building contracts unexpectedly increased and needed to source extra funds in order to proceed with their build.

“The hardest part is when the client does not have any leftover money to fork out for an unexpected added cost,” San Esteban said.

“The ongoing supply chain issues are adding time delays. Many of my clients who are building have signed their contracts with their chosen builder, settled on the land and are now paying the mortgage on the land but there is such a backlog of building materials, it is taking much longer for the builds to begin or progress.” Read More…