Past Project Forecaster.
What is it.
It’s a predictive tool that combines cost data from past projects with information from the Australian Bureau of Statistics to estimate the cost of a previously completed build or renovation today. It calculates the overall cost and the predicted m² rate for new homes under current market conditions, offering a data-driven reference for future projects.
How does it work.
It works by taking the cost data from any project in your past projects library and forecasting its cost to today’s market conditions. This is achieved using quarterly percentage changes as released by the Australian Bureau of Statistics for 'House Construction Australia'. The accompanying graph illustrates the cumulative effect of these changes, demonstrating how data from past projects is adjusted to reflect today’s market conditions.
How does it help.
The Past Project Forecaster leverages your library of past projects, reducing reliance on generic or outdated costing information. With construction costs rising nearly 45% between mid-2020 and now, having up-to-date data is more critical than ever. By knowing your numbers, this tool bridges the gap, providing a clear picture of cost evolution and equipping you to better educate current and future clients.
Much like how predictive technology creates images of what a lost child might look like today, the Past Project Forecaster uses available data and trends to make informed predictions. It offers valuable insights and a clearer view of current market conditions.
Is it perfect? No. Is it better than guessing or referencing outdated and historical data?
Hell yeah.
Start Forecasting.
So what are you waiting for? Let’s get forecasting and get back in control of project costing.
Let’s chat.
Are you a progressive industry professional looking for ways to support your clients better? I would love to hear from you. Let’s chat and see how we can support one another to prepare, design and build better in a new and changed residential building industry.