How can residential developers minimise the impact of rising material and labour costs on new home builds in 2024?

To minimise the impact of rising material and labour costs in 2024, residential developers in Australia should prioritise early procurement and fixed-price contracts for key materials. Exploring alternative, cost-effective building materials that meet Australian standards and local planning codes is crucial. Standardising designs and utilising modular construction can reduce onsite labour time and waste. Fostering strong relationships with suppliers and subcontractors for preferential pricing and reliable delivery is also key. Analysing cash flow meticulously and optimising project scheduling to avoid delays, which often escalate costs, will further assist in maintaining project viability and profitability.