CoreLogic releases new construction report

More than 1,300 projects are in the pipeline

CoreLogic releases new construction report

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CoreLogic has released its Cordell Construction Monthly report for June, with 1,375 new projects in its pipeline, spread all across Australia, with $24.3bn in total value. This is despite the acceleration of construction costs, which according to CoreLogic is just a “return to trend.”

According to the report, 29.7% of its ongoing projects involved civil engineering, followed by community projects, comprising 23.3% of the total. Almost 19% of the structures being built are apartments and other housing units, while 15% are industrial infrastructure. Meanwhile, 2.8% of the new projects are connected to mining.

When it comes to the project’s value per category, civil engineering comprises most of the pie – 69.3% of the $24.3bn. Apartments and units came second, with an 11.8% share of the total budget; community projects accounted for 10.9%; commercial 3.8%; industrial 2.8%; and mining 1.4%.

“Nationally, 577 projects moved into the construction phase in May, up from 528 in April. The total estimated value of those projects is $3.4 billion. The number of projects moving into construction over the past three months is 23.1% higher than the previous three-month period. New South Wales made up 27.6% of projects moving into construction in May, followed by Victoria (26.5%) and Queensland (19.6%),” the report stated.

Western Australia has 67 ongoing projects, also in its construction phase. There are 20 ongoing projects in the Northern Territory, while Tasmania and the Australian Capital Territory (ACT) boast 18 and three ongoing projects, respectively.

Some of the projects include renewable energy, which has been booming in the past two years. Permits have already been given to Neoen, Iberdrola Australia, TagEnergy and Mainstream Renewables Power, and Someva Renewables joint ventures for the feasibility study of having wind farms in some pine plantations in the Central West and Southern Inland regions.

Also, the construction of the new Eurobodalla Regional Hospital has been given the green light, with the State Significant Development Application (SSDA) approved for the project, with the investment allocation of $260m by the NSW government. The draft concept plan has also already been released for the first phase of the University of NSW Canberra campus development, on government-owned land within the Parliamentary Triangle, the report stated.

Regarding mining, Castile Resources has been awarded a major project status at the Rover Project by the Northern Territory Government, according to the new report. Moreover, Classic Minerals received Mining Lease approval for the Forrestania Gold Project located 120 km South of Southern Cross in Western Australia.

“Mining proposals and mine closure plans are to be submitted. The company is hoping to commence mining operations during 2024 – 2025 contingent on completing the negotiation of the Mining Agreement with Native Title claimants, securing a partner with the requisite skills and expertise to optimise mining efficiency, the completion of upgrade from scoping study to pre-feasibility study and obtaining all necessary government approvals,” the report said.

Harmony Gold had been awarded Prescribed Project Status at Eva Copper/Gold Project by the Queensland Government, while Reward Minerals has withdrawn its bid to purchase the Beyondie Lakes Sulphate of Potash, the report said.

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