Peak accounting body CPA Australia says governments should take a “pragmatic” approach to regulation and allow builders that enter administration due to outside forces to complete builds and retain insurance.
Building a home in Perth has never been pricier,with the annual pace of growth the fastest outside the 2001 GST introduction and almost the fastest in Australia.
The knives are out in the Southern Highlands for the director of a tiny luxury homes company who demanded large upfront deposits and then failed to complete the projects.
The flooding disaster in NSW and Queensland has prompted market experts to predict home insurance premiums will rise at an even faster pace.
Two of Australia’s biggest insurance companies,IAG and QBE,are calling for debate about planning rules in flood-prone areas.
Tens of thousands of insurance claims have already been lodged,with more to come,leaving insurers bracing for one of the biggest flood claim events in Australian history.
Homeowners are being told to prepare for big jumps in insurance payments,with soaring construction costs leaving experts warning households are at risk of being under-insured.
Queensland has the highest number of high-risk properties that will see escalating insurance costs due to bushfires,river flooding and coastal inundation,according to an Infrastructure Australia report.
The state expects about 100 home builds will be impacted by Pindan’s collapse,putting pressure on the home indemnity insurance scheme.
Exclusions will be standardised to cover heat,ash,smoke or soot damage within 100 metres of an insured address.
It is all about where the water came from and insurers are likely to have different inclusions and exclusions.