Australia’s construction crisis will cost $6.2 billion in remediation and associated costs, according to new research.
Equity Economics, commissioned by the CFMEU, has released its report, Shaky Foundations: The National Construction Crisis, which analysed the additional costs to owners of remediating water leaks, fire safety breaches, structural failure, combustible cladding and associated costs in apartment buildings built within the last ten years.
It found that more than 3400 apartment buildings around Australia had defective, non-compliant combustible cladding installed, which would require remediation work.
Depending on the type of defect, remediation costs could be up to $165,000 per dwelling, with cladding and water damage works costing around $45,000 per dwelling.
The majority of the defective buildings were found to be located in Queensland, New South Wales and Victoria, with taller buildings often having higher associated costs.
Read the full article from Inside Construction here