Luxury home starts down 20pc on inflation double whammy

People building homes are feeling the pinch from both rising interest rate payments and higher material and labour costs, luxury residential construction company BuildX director Patrick El Khouri says.

The hit on two fronts has meant construction companies such as BuildX, which builds houses with budgets between $1 million and $8 million, are experiencing a 20 per cent drop in new projects, Mr El Khouri said.