Porter Davis Enters Voluntary Administration

[Wretched]

Victorian-based home builder Porter Davis is going into liquidation, while a second construction firm has entered voluntary administration.

Construction has been suspended on all Porter Davis' projects, with 1,700 homes affected across Victoria and Queensland.

The construction company has about 470 employees and was forecasting revenue of $555 million in the 2023 financial year.

https://www.abc.net.au/news/2023-03-...tion/102170136

I've heard of others on the brink. Many with a large backlog of houses that they a losing money hand over fist building because of locked in contracts on price but sudden surges in material and labour costs have made them unviable. Adding to the pain, their pipeline is about 30% of expected over year.