There is a growing demand for prefabricated modular buildings, more simply called off-site construction.

This usually involves producing the structure in an off-site factory and then assembling it on site with an existing dwelling.

Chris and Andy Hughes return to their home in Singapore's eastern suburbs after working from home during the pandemic.

The couple struggle to balance their tech and finance jobs in the limited space at their house at 105 Clovelly Rd in Randwick.

Mr Hughes said the couple wanted to avoid the time and cost explosion of traditional construction, so opted for a prefabricated building.

They end up saving time and money; The final cost of the prefab building was $260,000 and it took 10 days from start to finish.

"Building a building site in your house for a few weeks instead of six months is really appealing to us."

The estimated cost of prefabricated buildings starts at $4,500 per square metre.

In order to get approval, the couple obtained the approval of Parliament.

"I think it's cost effective because the prefabricated model gives me an idea of what to work with. And I don't have the drama of having builders working in my house for months on end."

The couple used Wild Modular, a construction company whose projects included a couple's holiday resort, a $10 million luxury resort in Tasmania and a luxury home in Jindabine.

The company's co-founder, Tahi Merrilees, started out as a traditional construction worker before switching to custom construction.

Mr Merriles said his company could build 40 modules a month in Sydney, avoiding months of construction because the pods were 90 per cent complete by the time they arrived.

"Bricks don't work in the snow in countries like Europe, modular construction is nothing new in Japan where space is at a premium, and in Sweden and Norway at least half of all new homes are prefabricated from fixtures and fittings."

"In Australia, modular buildings make up only 3 per cent, but this is expected to triple to 15 per cent in the next 24 months. As land areas continue to shrink, there will be a surge in demand for alternatives to traditional construction methods and emergency housing."

According to the latest PropTrack Home Price Index, national home prices continued to stabilise in April after rising for a fourth straight month, rising 0.14 per cent.

The cumulative increase in 2023 is now 0.75 per cent. Strong immigration, a tight rental market and limited supply offset the impact of rapid rate hikes.