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\u201cThis is significantly lower than the long-term average over the last decade.\u201d Approvals for new detached houses peaked in the month of April this year, coinciding with the end of the HomeBuilder grant in the middle of the same month.<\/p>\n
Ms Casson said major home renovation activity had not benefitted as strongly from HomeBuilder.<\/p>\n
\u201cHome renovations activity may have been cyclical in nature over the last five years but the effects of prolonged lockdowns and inability to work in occupied homes has resulted in a significant decline in approvals,\u201d she said.<\/p>\n
\u201cConversely, the value of work approved for major renovations work has increased over the same period.”<\/p>\n
\u201cVictoria\u2019s average renovation approvals were $124,700, higher than the Australian average of $101,100 during the three months to August 2021.\u201d<\/p>\n
Of the renovation jobs approved in the HomeBuilder-eligible price bracket between $150,000 and $750,000, the national average was $299,900.<\/p>\n
Victoria had the highest average renovation in this price bracket ($313,300) followed by New South Wales ($304,700) and Queensland ($301,500).<\/p>\n
Ms Casson said while their industry is currently seeing less approvals for renovation works, the value of renovation work itself has gone up, which may balance out market outcomes.<\/p>\n
\u201cThe resilience of our industry is also represented in employment terms. As of August 2021 quarter, the building and construction industry generated approximately 323,800 full-time and part-time jobs, an increase of 9.2 per cent from August last year,\u201d she said.<\/p>\n
\u201cThe industry is now Victoria\u2019s largest employer of full-time employees, providing 11.9 per cent of full-time job opportunities for the state.\u201d<\/p>\n
\u201cThe Victorian economy has demonstrated resilience despite our ongoing lockdowns and our industry remains a key player in our economic recovery.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The home construction industry will have its hands full for some time yet as a total of 6,519 new homes applications were approved across Victoria during August, up by almost 11 per cent on the previous month and significantly 25.5 per cent higher than the same month last year. Master Builders Victoria CEO Rebecca Casson […]<\/p>\n