Iran War Impacts Home Prices, Inflation Soars
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The war in Iran is causing a surge in building costs, with Westpac warning of a potential ten percent increase in new suburban house prices, or fifty thousand dollars extra. Oil prices remain high, pushing up supplier costs and leading to price hikes on building materials by up to sixteen percent. Petrol and diesel prices have jumped nearly fifty percent since early March, affecting businesses and consumers alike. Economists predict inflation to spike to six percent next month, potentially leading to more rate hikes if the Strait of Hormuz situation persists. Despite these challenges, home buyer interest remains strong, but builders may struggle with fixed contracts and potential tax tweaks in the upcoming budget.
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