Q4 2023 Australia Report [Canberra]: The market remains busy with the pipeline of major projects advancing through construction. The Canberra Hospital Expansion projects are nearing completion with future campus master plan projects in the planning phases.
Design tenders are currently in the market for the new Northside Hospital. Light Rail stage 2A is well underway with the realignment of Parkes Way a new feature entering the city from the south. The Canberra Theatre design has commenced and is in its early stages with design also commencing on the Civic Square precinct. CIT Woden and the War Memorial are continuing through construction. Housing supply is considered a major issue for the ACT with this sector slowing in the last period. We expect as interest rates and construction steady that developers will be attracted back into the market.
Housing supply is considered a major issue for the ACT with this sector slowing in the last period.
Escalation insights
Increasing cost pressure is being seen due to continued shortage of skilled labour. We have seen softening in other areas, but escalation remains higher than long term averages.
Photo: Canberra Hospital
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