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“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.
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.