Cost of Building a Home in Australia Soars by $80,000 in One Year

A labourer works on an under construction house in the western Sydney, Australia, on May 4, 2022. Saeed Khan/AFP via Getty Images

Homes in Australia are getting much more expensive to build, with the average cost of erecting a private dwelling soaring by nearly $80,000 (about US$54,000) in the past 12 months.

Through analysing the latest construction data from the Australia Bureau of Statistics, The Epoch Times found that at the national level, it cost about $413,436 on average to build a private house in May, up from $335,812 a year earlier and from $332,248 in February 2020–before the COVID-19 pandemic broke out.