Home builders keep buyers in the dark about financials

Builders including Metricon, GJ Gardner, Hickinbotham and Home Group – which make up almost one-third of housing starts of the 20 largest builders – are keeping consumers in the dark about their financial health as the industry grapples with soaring borrowing and material costs.

Separate HIA figures this week showed new home sales rose 5.3 per cent in February, their biggest monthly gain since October. Even so, the association says the country is on track to chalk up 95,406 new detached house starts this financial year – the weakest figure in more than a decade. Subcontractors also suffer from a lack of transparency about builders’ finances and had to accept contacts on a take-it-or-leave-it basis, said Louise Stewart, the founder of ProjectPay, a software platform to safeguard payments to tradespeople and suppliers.

“We understand the significance of financial transparency, but we firmly believe that our customers’ trust in Metricon lies in our exceptional service, quality craftsmanship, and timely delivery,” Mr Duggan said.“The market issues encountered by the industry in recent years, which are no longer continuing, were extraordinary and numerous and are highly unlikely to ever be repeated.”

“Anyone considering building a new home should discuss their concerns with any builders they are speaking to before committing.

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