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{{propApi.successMessage}} {{region}} Change locationHunter and Central Coast home approvals escalate
Hunter and Central Coast home approvals escalate
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“In 2021 detached dwelling approvals increased 13 per cent in the Hunter and 45 per cent on the Central Coast compared to the 2020 calendar year. Accounting for 65.2 per cent of all approvals in the Hunter and 67.3 per cent on the Central Coast detached homes remain the preference for home buyers locally,” said Craig Jennion, HIA Hunter Executive Director.
“Over the same period multi-unit approvals also increased by 39 per cent in the Hunter and 30 per cent on the Central Coast compared to the year earlier.
“In total 7,380 approvals were issued for new dwellings across the combined HIA Hunter region during 2021, a increase of 25 per cent from the previous year. The Hunter approvals increased by 21 per cent to 5,760 while the Central Coast increased an impressive 40 per cent to 1620”.
“Much of the heavy lifting for the residential sector continues to occur on the Central Coast and in the Lower Hunter, with the local government areas of Central Coast, Lake Macquarie, Maitland and Newcastle continuing to be the top locations for approvals, accounting for 73.68 per cent of total approvals”, explained Mr Jennion.
“Regionally Cessnock LGA was again a big mover with total housing approvals increasing by 30 per cent. Detached dwelling increasing 23 per cent while multi-unit approvals increased by 123 per cent”.
The value of approved major renovations and alterations also surged with Hunter approvals increasing by 26 per cent and the Central Coast by 37 per cent. The combined value of $499,458,107 was a 29 per cent increase on the year prior”.
“Looking ahead, we are forecasting residential building activity to remain strong as households remain very active in the market. This is evidenced by the strong housing finance data, current low interest rates, rising house prices and strong employment conditions. Together this should ensure the demand for new homes remaining solid,” concluded Mr Jennion.
| House | 12 mths to: Dec-20 | 12 mths to: Dec-21 | % change |
| Central Coast | 752 | 1,090 | 45% |
| Cessnock | 683 | 843 | 23% |
| Lake Macquarie | 969 | 1,057 | 9% |
| Maitland | 893 | 902 | 1% |
| Newcastle | 346 | 297 | -14% |
| Port Stephens | 209 | 325 | 56% |
| Dungog | 45 | 46 | 2% |
| Singleton | 4 | 45 | 1025% |
| Muswellbrook | 9 | 45 | 400% |
| Scone | 15 | 33 | 120% |
| Great Lakes | 142 | 161 | 13% |
| 4,067 | 4,844 | 19% |
| Unit Approvals | 12 mths to: Dec-20 | 12 mths to: Dec-21 | % change |
| Central Coast | 408 | 530 | 30% |
| Cessnock | 48 | 107 | 123% |
| Lake Macquarie | 344 | 484 | 41% |
| Maitland | 339 | 339 | 0% |
| Newcastle | 604 | 739 | 22% |
| Port Stephens | 64 | 327 | 411% |
| Dungog | 4 | 0 | -100% |
| Singleton | 0 | 0 | - |
| Muswellbrook | 0 | 0 | - |
| Scone | 0 | 0 | - |
| Great Lakes | 40 | 10 | -75% |
| 1,851 | 2,536 | 37% |
| Total Dwellings | 12 mths to: Dec-20 | 12 mths to: Dec-21 | % change |
| Central Coast | 1,160 | 1,620 | 40% |
| Cessnock | 731 | 950 | 30% |
| Lake Macquarie | 1,313 | 1,541 | 17% |
| Maitland | 1,232 | 1,241 | 1% |
| Newcastle | 950 | 1,036 | 9% |
| Port Stephens | 273 | 652 | 139% |
| Dungog | 49 | 46 | -6% |
| Singleton | 4 | 45 | 1025% |
| Muswellbrook | 9 | 45 | 400% |
| Scone | 15 | 33 | 120% |
| Great Lakes | 166 | 171 | 3% |
| 5,902 | 7,380 | 25% |
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Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.