PHOTO: FILE
On average, an Australian construction company has filed for bankruptcy every 24 hours over the last 2 years. In 2023, construction insolvencies hit a nine-year high, with over 700 companies going out of business in the space of three months, leaving thousands of projects unfinished and many homeowners stuck. So what happened? We regularly assess properties of all types and constantly monitor the construction industry, so we did a deep dive to see where it all went wrong. Keep in mind information in this video is general in nature and not to be used as advice when investing. Always seek professional advice to see what course of action suits your unique situation.