Yet another building company has gone into administration amid the deepening building crisis leaving dozens of custom-hold builders unemployed.
Wedgewood Constructions, based in Magill in Adelaide‘s eastern suburbs, was placed into liquidation on Sunday after 14 years in the business.
The South Australian building company had specialised in custom-home builds, additions and heritage alteration works before its collapse.
The development comes just days after the Lloyd Group, a civil design and construction group, went into voluntary administration with about 59 projects still uncompleted, including 30 in NSW and 29 in Victoria on Friday.
Yet another construction company, Lloyd Group, was placed into voluntary administration on Friday with 59 unfinished projects across New South Wales and Victoria
The news came on the same day housing giant Porter Davis Homes went into liquidation with more than 1,500 projects still yet to be finished.
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Industry leaders have warned the crisis in the building industry will deepen amid repeated interest rate rises and skyrocketing material costs.
Wedgewood liquidator Simon Miller said only four homes taken were left incomplete, with the family firm only having a few employees and creditors.
‘It’s a relatively small family business, it had family members working in it, but unfortunately it has gone the way of many of the other builders with high material costs and fixed price contracts – so it has been a very tough game to be in for some time,’ he told The Advertiser.
Across Australia, there were 549 administrations and liquidations in the month of March alone, a jump of 23 per cent when compared to last year.
Just 11 of these companies were based in South Australia.
More to come.
