Nicoll agrees that Beaconsfield became the project they could “hang their hat on,” providing confidence to pursue—and win—larger projects moving forward. Since then, they’ve maintained a pipeline that consistently includes major builds, including a high-caliber project completed in Brighton and other premium residential work aligned with the same target market. Their reflection on project costing also reinforces the reality of today’s construction environment. A build that landed around $7 million with variations in a recent period would likely sit closer to $8.5–$9 million in today’s market, given the magnitude of pricing shifts experienced since COVID. INDUSTRY SHIFTS: PRICING VOLATILITY, TECHNOLOGY, AND SMART HOMES Like many builders across Australia, Hemming and Nicoll describe COVID as a turning point—not only in material costs and availability, but in client confidence and the structure of contracts. Pricing volatility reshaped early conversations with clients. Where initial meetings were once predominantly about design vision and experience, they became heavily centred on cost escalation risk, supply uncertainty, and how contracts could be structured to protect both parties in a rapidly changing market. Beyond cost, they see technology as one of the most decisive differentiators between builders who will 38 BUSINESS VIEW OCEANIA VOLUME 08, ISSUE 02
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