- Along with macroeconomic factors, Elderton Homes also blamed natural disasters for its demise.
- The company was established 13 years ago
- Comes as Lanskey Constructions went into administration last week
NSW-based Elderton Homes has become the latest major building company to have gone into administration.
The builder informed customers yesterday of the adminsitration, admitting the business is facing ongoing struggles, blaming natural disasters and economic conditions since the pandemic began.
“Today Elderton Homes has made the difficult decision to appoint Administrators to manage its ongoing affairs,” the company said in a statement.
“This has been a difficult decision and a result of several factors, not limited to but including bushfires, floods, a global health pandemic and economic conditions. The impact of these events continue today.
“Furthermore, the construction industry has also been subject to record levels of rainfall, substantial price increases on building materials, supply chain challenges and labour shortages.
“Elderton Homes is proud to have built thousands of homes for customers around Greater Sydney, Central Coast, and Illawarra and have assisted our clients build their first home, investment properties, and dream homes.
“We want to thank our amazing internal team members, suppliers and subcontractors who have helped us on our journey over the past 13 years.”
Conga line of building companies collapsing
Almost every week for many months now, we have reported on companies in the sector that have gone into administration.
Recently, Brisbane-based Lanskey Constructions QLD went into liquidation. Also from Queensland, Oracle Platinum Homes went into liquidation owing $14 million and impacting 300 homes and 70 staff members.
Condev also went into liquidation earlier this year.
