The industry emerged in the 2010s with rising property prices and cheap money. Now it faces its first test with higher interest rates and a housing downturn.

After one of western Sydney’s largest developers was placed into administration last week, those asked to save the company say they only have a few days to do so.

The industry emerged in the 2010s with rising property prices and cheap money. Now it faces its first test with higher interest rates and a housing downturn.