Bensons Property Group enters administration amid construction challenges.

The Australian construction industry faces another setback as Bensons Property Group enters voluntary administration. The Melbourne-based developer, with a portfolio of high-profile projects, cited rising construction costs and increased interest rates as primary challenges.

Figure 1: A photo of the Liberty 1 building in Footscray shows diggers at the Liberty 2 site. With Bensons Property Group entering administration, the future of homes under construction remains uncertain. (Picture credit: NewsWire / Luis Enrique Ascui)

Administrators and Receivers Appointed

Bensons Property Group appointed Craig Shepard and Sebastian Ham of Korda Mentha as voluntary administrators. Keith Crawford and Matthew Caddy of McGrath Nicol will act as receivers…