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{{propApi.successMessage}} {{region}} Change locationDetached building approvals lift in October
Detached building approvals lift in October
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The Australian Bureau of Statistics today released its monthly building approvals data for detached and multi-units data covering all states and territories.
“Approvals for detached homes in the three months to October 2021 increased by 5.6 per cent compared with the same period in the previous year,” added Mr Devitt.
“Ongoing strong sales and approvals numbers continue to confirm that detached home building will remain elevated throughout 2022. A change in consumer preference is now the main force driving this demand.
“The value of renovations approved also remains elevated. The last 12 months has seen the value of renovations approved increase by 37.3 per cent on the previous year.
“Multi-unit approvals numbers have been solid in recent months but fell away sharply in October with a 36.1 per cent decline. Multi-unit approvals in New South Wales and Victoria fell by 48.6 per cent and 15.8 per cent respectively, in the month of October. The sharp decline in multi-unit approvals in October could be an implication of the lockdowns in Sydney and Melbourne earlier in the year.
“Despite this, multi-unit starts in the last three months were 24.0 per cent higher than at the same time the previous year when COVID adversely impacted the multi-unit market.
“The multi-units market depends heavily on overseas migrants, tourists and students. The re-opening of international borders is crucial to the prospects of this sector,” concluded Mr Devitt.
In seasonally adjusted terms, total residential building approvals increased in the three months to October 2021 compared to the same time in 2020 in most states. New South Wales led the pack (+28.1 per cent), followed by South Australia (+20.7 per cent), Queensland (+8.3 per cent), and Victoria (+6.7 per cent). Declines occurred in Western Australia (-5.7 per cent) and Tasmania (-19.3 per cent). In original terms, building approvals increased in the Australian Capital Territory (+38.5 per cent) and declined in the Northern Territory (-50.8 per cent).
For more information:
2022-2023 Pre-Budget Submission
HIA has provided the Federal government with our 2022-23 pre-budget submission setting out a range of funding and policy commitments aimed at improving housing supply and affordability.
Proposed changes to Victoria's property taxes
Budgetary changes proposed to increase stamp duty, land tax and introduce the windfall gains tax on land uplift value from a rezoning.
Third party review for structural designs introduced
Northern Territory government announced that any significant and complex building work that requires building approval will need to have its structural design reviewed.
Scarcity of residential land sees prices surge
A significant increase in the price of land indicates that supply is not keeping pace with demand