Fyshwick building company Today’s Homes that went into voluntary liquidation last Tuesday is not expected to recover.
The company had 16 new homes under construction in the ACT and are now not expected to be able to complete them. A subcontractor for Today’s Homes said he did not believe anyone will continue to work on the unfinished homes.
“Nobody will go back to these jobs until they get paid what they are owed,” he said. “Nobody else is likely to start work on the sites unless they get paid up front.”
Today’s Homes was named professional medium builder of the year by the Housing Industry Association for the last 5 years running and professional small to medium builder of the year in 2008, 2009, 2010 and 2011.
Canberra builder from Twenty20 Brendan Howe, believes that a few of the reasons for Today’s Homes closing down is due to the rising cost of land and labour in the ACT.
“We planned to buy 10 blocks but when they started going at $100,000 over reserve we ended up with five. The bank did not want to lend on them because it considered the prices as overheated and not justifiable.” He said.
Mr Howe attributes the rising price of trades labour in Canberra is because of the recent increase in construction in Melbourne and Sydney, saying “Brickies rates have risen from a dollar a brick to $1.40 a brick since January,”