CoreLogic's Latest Construction Report: Over 1,300 New Projects Underway

 CoreLogic has unveiled its Cordell Construction Monthly report for June 2024, revealing a robust pipeline of 1,375 new construction projects across Australia, with a total estimated value of $24.3 billion. Despite rising construction costs, CoreLogic describes this trend as a "return to trend," rather than an alarming surge.

The report highlights that civil engineering projects lead the pack, making up 29.7% of ongoing initiatives. Community projects follow closely behind at 23.3%, with residential developments, including apartments and housing units, accounting for nearly 19%. Industrial infrastructure represents 15% of the projects, while mining-related developments constitute 2.8%.

In terms of project value, civil engineering dominates, representing 69.3% of the $24.3 billion total. Residential projects come next with an 11.8% share, followed by community projects at 10.9%, commercial ventures at 3.8%, industrial projects at 2.8%, and mining at 1.4%.

The report also notes that 577 projects entered the construction phase in May, an increase from 528 in April, with a combined value of $3.4 billion. This marks a 23.1% rise in new projects compared to the previous three-month period. New South Wales led with 27.6% of new construction starts, followed by Victoria at 26.5% and Queensland at 19.6%.

Western Australia is currently home to 67 ongoing projects in the construction phase, while the Northern Territory has 20. Tasmania and the Australian Capital Territory (ACT) are managing 18 and three projects, respectively.

The report underscores a growing focus on renewable energy projects, with permits granted to Neoen, Iberdrola Australia, TagEnergy, Mainstream Renewables Power, and Someva Renewables for wind farms in the Central West and Southern Inland regions. Additionally, the Eurobodalla Regional Hospital has received approval with a $260 million investment from the NSW government. The University of NSW Canberra campus development has also progressed to the draft concept plan stage.

In the mining sector, Castile Resources' Rover Project in the Northern Territory has been granted major project status, and Classic Minerals has secured Mining Lease approval for the Forrestania Gold Project in Western Australia. Harmony Gold has been awarded Prescribed Project Status for the Eva Copper/Gold Project in Queensland, while Reward Minerals has withdrawn its bid for the Beyondie Lakes Sulphate of Potash project.

For those interested in the latest developments in construction and real estate, CoreLogic's report provides a comprehensive overview of Australia's evolving project landscape.