Detached building approvals in February reached their highest level on record since the ABS began the series in 1983, according to the Housing Industry Association (HIA).<\/p>\n
HIA chief economist Tim Reardon said HomeBuilder had driven strong demand for new homes across the country.<\/p>\n
\u201cThe three months to February are also a record period, by a significant margin.<\/p>\n
\u201cDetached house approvals in the three months to February 2021 were 50.7 per cent higher than the same time last year,\u201d he said,
\n\u201cThis is consistent with the results in more timely leading indicators such as HIA\u2019s New Home Sales Report.\u201d<\/p>\n
Mr Reardon said the report had highlighted an elevated level of demand following the announcement of HomeBuilder in June 2020, which resulted in a spike in new home sales in December with buyers rushing to meet the deadline of the first phase.<\/p>\n
\u201cNew home sales in March are expected to be comparable to those in December 2020 as home buyers rush to meet the deadline for the second \u2013 and final \u2013 phase of HomeBuilder. The record volume of work will see home building absorb workers from across the economy in 2021 and into 2022.\u201d<\/p>\n
However, Mr Riordan said the positive outlook for detached home building was in stark contrast to that of the multi-unit sector due to the absence of overseas migrants and students which would continue to impede multi-commencements.<\/p>\n
\u201cMulti -unit approvals remain lower by 21.6 per cent compared to the same quarter last year..<\/p>\n
\u201cMulti-unit projects that are gaining approval at this time are likely to have commenced the planning and building approval process before the pandemic.<\/p>\n
\u201cThe apartment market is likely to be constrained until overseas migration returns.”<\/p>\n
In seasonally adjusted terms, the number of detached dwelling approvals during the three months to February 2021 compared to the same time last year were highest in Western Australia (+138.6 per cent) followed by South Australia (+67.7 per cent), Queensland (+51.0 per cent), New South Wales (+32.0 per cent) and Victoria (+28.4 per cent).<\/p>\n
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Detached building approvals in February reached their highest level on record since the ABS began the series in 1983, according to the Housing Industry Association (HIA). HIA chief economist Tim Reardon said HomeBuilder had driven strong demand for new homes across the country. \u201cThe three months to February are also a record period, by a […]<\/p>\n