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$vuetify.icons.faPhone1300 650 620

Population growth central to outlook for home building

Media Release

Population growth central to outlook for home building

Media Release
“Australia is experiencing a building boom with a record level of detached homes under construction but a return of a stable and reliable growth in population is necessary to ensure economic growth,” stated HIA Economist, Angela Lillicrap.

HIA released its economic and industry Outlook Report for Australia today. The Outlook Report includes updated forecasts for new home building and renovations activity for Australia and each of the eight states and territories.

“The national economy is benefiting from a record volume of new detached homes under construction. This boom will continue well into 2022 and will support employment across the sector,” added Ms Lillicrap.

“This record volume of new detached homes under construction is occurring in all regions, and is continuing to expand.

“The elevated level of building and the speed that it emerged has resulted in demand for key building inputs outstripping supply, including materials, labour and land. The delay in the supply of materials will see the impact on labour and ancillary services remain elevated well into the second half of 2022. This is a positive for the wider economy as the economic stimulus is spread over more years, but a challenge for building businesses.

“Recent data suggests that demand for detached housing remains solid even without fiscal stimulus.

“There are also encouraging signs that demand for multi-units is returning ahead of population growth. Approvals for units have picked up in New South Wales and Queensland after a pause in 2020 as investors look through the haze of the pandemic and anticipate a return of migration.

“The renovations market is also mid-way through a record year. Unlike detached home building, we expect that this trend will continue for a number of years due to the elevated savings and increased time spent at home.

“Despite the strong outlook for the next twelve months, without a return of demand for new housing from overseas migration, there will be a decline in new home commencements over the next few years.

“Even with overseas migration re-starting next year, the volume of new home commencements will not be sustained. A decline in commencements of new homes should be anticipated from mid-2022 when homes initiated by HomeBuilder are reaching completion,” concluded Ms Lillicrap.

Population growth central to outlook for homebuilding
*HIA’s National and State Outlooks are Australia’s most comprehensive housing report card, encompassing renovations activity, new home building, policy updates, global and domestic economic analysis, and dedicated state and territory housing databases. For further information or for copies of the publication (media only) please contact: Kirsten Lewis on k.lewis@hia.com.au

For further information please contact: 
 

Angela Lillicrap

Economist

Tim Reardon

Chief Economist
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19 Jan
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The value of loans, excluding refinancing, issued for housing towards the end of 2021 was elevated as demand remains very strong.

11 Jan
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Lockout across the Territory to end as expected, except for the localities of Yuendumu and Yuelamu.

10 Jan
Building approvals strengthen in November

The number of building approvals issued in November 2021 increased by 3.6 per cent with both detached and multi-unit approvals increasing for the month.

Breaking news
View all $vuetify.icons.faArrowRight
19 Jan
Record year for new homes starts

More detached homes commenced construction in the 12 months to September 2021 than in any previous period,

14 Jan
Demand for housing and first homebuyer activity remain strong

The value of loans, excluding refinancing, issued for housing towards the end of 2021 was elevated as demand remains very strong.

11 Jan
Ongoing COVID-19 restrictions for the Northern Territory

Lockout across the Territory to end as expected, except for the localities of Yuendumu and Yuelamu.

10 Jan
Building approvals strengthen in November

The number of building approvals issued in November 2021 increased by 3.6 per cent with both detached and multi-unit approvals increasing for the month.