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The Australian Bureau of Statistics today released its monthly building approvals data for detached and multi-units covering all states and territories.
“Approvals for detached homes in November 2021 were the strongest since February 2000, excluding the HomeBuilder surge in 2020/21. Detached approvals remain elevated in all jurisdictions.
“This boom in detached home building is set to be sustained well into 2023.
“Multi-unit approvals have been recovering from the adverse impact of COVID-19 and continued to increase in November with a 7.5 per cent increase in the month. This leaves multi-unit approvals for the three months to November also 7.5 per cent higher than for the same period the previous year.
“This is an encouraging sign that apartment construction will return prior to the return of overseas migration.
“The value of renovations approved also remains elevated. The last 12 months has seen the value of renovations approved increase by 35.7 per cent on the previous year.
“All indications continue to demonstrate that demand for building services and materials will remain elevated in all regions throughout 2022 and well into 2023,” concluded Mr Reardon.
In seasonally adjusted terms, total residential building approvals increased in November 2021 compared to the previous month in most states. Tasmania led the pack (+40.8 per cent), Queensland (+20.0 per cent), followed by South Australia (+14.5 per cent) and Victoria (+8.9 per cent). New South Wales had the largest decline (-18.4 per cent) reflecting volatility in the multi-unit approvals, Western Australia also declined marginally (-1.1 per cent). In original terms, building approvals increased in the Australian Capital Territory (+18.9 per cent) and the Northern Territory (86.4 per cent).
Budgetary changes proposed to increase stamp duty, land tax and introduce the windfall gains tax on land uplift value from a rezoning.
Northern Territory government announced that any significant and complex building work that requires building approval will need to have its structural design reviewed.
A significant increase in the price of land indicates that supply is not keeping pace with demand
Sales of new detached homes increased by a further 11.3 per cent in December.