Another Gold Coast home builder has collapsed as the industry comes under sustained pressure from rising material and labour costs.
Surfers Paradise based Pivotal Homes confirmed on Thursday that had been placed into liquidation.
The company has operated for 15 years, building more than 1500 homes in that time.
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“Unfortunately, the rising costs which are impacting many in the industry throughout Australia have made our operations unviable,” Managing Director Michael Irwin said.
“In my 30 years’ experience, I have never seen a set of circumstances like this and obviously we are not alone in these unfortunate conditions facing the industry.”
Pivotal currently has 103 homes under construction and another 177 awaiting council approval.
It also employs 16 staff.
The pandemic, wet weather and delays had also impacted the company.
“Sadly, this is a result of a whole range of factors which are quite prominent in the industry at the moment,” lawyer Derek Cronin said.
Chris Cook and James Robba of Worrells have been appointed as liquidators.
The demise of Pivotal Homes follows the collapse of Condev and Probuild earlier this year