Just 12 months ago, a developer had to sell an apartment for $16,000 a square metre in Sydney to get the project to stack—that figure is now $2000 more.

The cost of feasibility inputs has increased across the board, but there is one that is putting a handbrake on development more than anything else, according to Perifa co-founder Fabrizio Perilli. 

“In other cities around the world it’s the cost of the materials that drives the cost of building up but, in Australia, it’s all labour,” Perilli says.