Construction prices in Victoria may change now that the state government considers its first build-to-rent project in Melbourne, as the city plays catch up with the growing sector elsewhere in the country.
Developers would need to start keeping an eye on how prices would move, following the increasing popularity of build-to-rent properties. These prices could be as comprehensive to include project planning up to the cost of door hardware in Australia.
The build-to-rent industry has become popular in the country since it allows real estate developers to rent out units in a property whilst maintaining ownership of the asset. It has diverged from the usual practice of selling units to buyers, who would then classify it as a rental property.
State-owned Development Victoria has not decided whether it would proceed with the plan in Melbourne. In case it breaks ground on the project, tenants would reap the benefits, such as having better security on their leases and longer-term contracts, among others. The costs of providing such residences, however, should be considered even if it is just as simple as choosing door hardware.
Costs of Doors
Project designs will eventually require the type of door used for a project. An internal door for a residential property costs between $27 and $188, so the commercial price for a multifamily build-to-rent property should be near this price range.
Entry doors cost around $880 each if these are made from aluminium, whilst those made from timber may cost between $133 and $1,205. French doors are some of the most expensive, usually costing at least $1,000 for residential properties.
The high demand for properties usually affects construction prices, although property builders could save money on materials by choosing a reputable supplier. These companies know the best products for their clients and have more knowledge than a general merchandise provider.