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{{propApi.successMessage}} {{region}} Change locationA strong year of house building is underway in the ACT
A strong year of house building is underway in the ACT
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“This large volume of work will ensure that the industry remains very active through until at least the second half of 2022,” added Mr Weller.
“Renovation activity is also at an all time high and likely to remain elevated for a number of years due to the nature of the COVID recession and house price growth.
“On a per capita basis, the ACT had the strongest uptake of HomeBuilder applications for renovations.
“This level of activity is not likely to be seen again for many years, if not decades. The combination of factors that have led to this boom is unprecedented and are driven by HomeBuilder and low interest rates as well as a change in consumer preference away from high density areas.
“The key challenge for the industry has shifted from a slump in demand this time last year, to having sufficient supply of materials, labour and land to satisfy this demand.
“The extension of HomeBuilder’s commencement deadline will help limit the impact of constraints imposed by land, labour and materials and ensure the elevated volume of detached homes will be sustained for longer.
“The timing and speed of a recovery in overseas migration will have a significant impact on these forecasts.
“The return to stable and certain population growth is central to stable economic growth,” concluded Mr Weller.
This forecast is contained in HIA’s economic and industry Outlook Report. The State and National Outlook Reports include updated forecasts for new home building and renovations activity for Australia and each of the eight states and territories.
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