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$vuetify.icons.faPhone1300 650 620

HomeBuilder sets Victorian records

Media release

HomeBuilder sets Victorian records

Media release
The Australian Bureau of Statistics data just released for the June 2021 quarter confirms the size of Victoria’s HomeBuilder grant boom.

“Off the back of record contract signings for new homes around the HomeBuilder grant deadlines, Victoria has now had more detached house commencements than in any previous quarter or year on record,” stated Fiona Nield HIA’s Victorian Executive Director.

The data provides estimates of the value of building work and number of dwellings commenced, completed, under construction and in the pipeline across Australia and its states and territories.

“The 2020/21 financial year saw 46,287 detached house commencements in Victoria. This is 17.9 per cent higher than the pre-HomeBuilder annual record of 39,249 set over a decade ago,” added Ms Nield.

“In the three months to June 2021 almost 14,200 new houses commenced construction in Victoria. This is 33.3 per cent higher than the pre-HomeBuilder quarterly record set in March 2010. 

“We anticipate that this peak in new house starts will remain a record for many years and perhaps decades. 

“There is, however, a stark divergence between the detached and multi-unit markets. 

“Despite multi-unit commencements lifting in the June 2021 quarter, the 2020/21 financial year was still down by 43.4 per cent from the 2017/18 market peak. This is the weakest financial year for multi-unit commencements since 2011/12.

“This sector’s prospects are very much tied to the return of the overseas and interstate migrants, students and tourists that Victoria depends upon more than any other state or territory,” concluded Ms Nield. 

New dwelling commencements, by quarter, Victoria
New dwelling commencements, by quarter, Victoria

For more information:

Fiona Nield

Regional Executive Director - Victoria

Thomas Devitt

Economist
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