Redwood trees, with their distinctive red flowers and dense needles, are the most common type of trees to be harvested for timber.
The price of the trees, in excess of $US10,000 per tonne, is rising fast and they’re worth more per tree than ever before.
The trend has accelerated in the past two years, with prices of trees rising at a rate of 10 per cent per year.
Redwood prices have risen to a record $US1.1 million a tonne in 2019, up from $US900,000 a tonnes in 2020.
The market for the trees is also booming.
A study by the Australian Wood Council (AWC) said prices of redwood trees in the state were set to double between 2020 and 2027.
“This is the best time to buy redwood because it’s a great investment,” AWC chief executive John Crouch said.
In 2020, there were more than 10 million redwood products in Australia. “
We estimate that if you were to purchase all the trees available, it would be worth $US5 billion ($6.6 billion) to buy them.”
In 2020, there were more than 10 million redwood products in Australia.
A total of 16 per cent of all redwood product sold in the country was imported, with the average value of each product in 2019 at $US2,500.
This year, the AWC estimates redwood exports will be worth just over $US6 billion ($7.8 billion).
The redwood boom is also pushing up the prices of other timber products, including pine trees and cottonwood.
In 2019, the prices for cottonwood rose by nearly 30 per cent.
Last year, cottonwood prices jumped by more than 50 per cent to an average of $7,300 per ton.
This is not a surprise, because the boom in the redwood industry is also the biggest timber boom in history.