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{{propApi.successMessage}} {{region}} Change locationTimber imports responding to record housing demand
Timber imports responding to record housing demand
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“International trade data released today by the Australian Bureau of Statistics shows that global supply chains are gradually meeting the demands of the pandemic,” added Mr Devitt.
“In the final quarter of 2021, the value of select wood imports reached their highest level on record, as part of the continuing trend from mid-2020.
“Timber is predominantly produced domestically but excess demand, such as in a boom year like 2022, is largely sourced from overseas markets.
“Supply chain developments like this will help ease pressures in home building and the broader economy.
The Australian Bureau of Statistics today also released its monthly building approvals data for detached and multi-units covering all states and territories.
“Multi-unit approvals were up by 17.9 per cent in 2021, recording almost 78,000 approvals for the year.
“This is an encouraging sign that apartment construction will return prior to the return of overseas migration.
“Building approvals for detached housing also remained elevated at the end of 2021 to produce the strongest year on record.
“There were over 150,000 approvals for detached homes 2021, 26.0 per cent up on the previous year and 11.0 higher than the previous calendar year record set in 1988.
“Detached approvals were up for the year in all jurisdictions.
“This is consistent with the strength seen in other indicators, including housing finance and HIA’s own new home sales survey.
“The value of renovations approved also remains elevated. The last 12 months has seen $12.4 billion worth of renovations approved, an increase of 33.3 per cent on the previous year.
“This boom is set to keep builders busy this year and into 2023. The main constraint facing builders this year will continue to be the price and availability of land, labour and materials.
“Properly functioning supply chains will go a long way towards helping to ease these pressures,” concluded Mr Devitt.
In seasonally adjusted terms, total residential building approvals increased in 2021 compared to the previous year in New South Wales (+32.1 per cent) and Victoria (+2.5 per cent), while declining in Queensland (-14.8 per cent), Western Australia (-7.7 per cent), Tasmania (-7.4 per cent) and South Australia (-0.3 per cent). In original terms, building approvals increased in the Australian Capital Territory (+136.5 per cent) and decreased in the Northern Territory (-31.7 per cent).
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Access to skilled labour a barrier to 1.2 million new homes
“The influx of overseas migrants into Australia in the last couple of years has added significant demand for new homes. Despite this, skilled trades in the residential sector are not recognised on the Australian government’s Skills Priority List,” stated HIA Senior Economist Tom Devitt.
Victoria should not accept mediocre Housing Scorecard result
HIA has released its Housing Scorecard. Once again Victoria is underperforming. With the Victorian State Budget next month there is also a risk that unnecessary tax increases will entrench this poor outcome.
Cuts to taxes on housing will be increasingly necessary to improve housing supply as interest rates remain high
“Today’s CPI figures are likely to see interest rates remain high for longer as inflation becomes increasingly embedded in the economy,” stated HIA’s Chief Economist, Tim Reardon
South Australia tops Housing Scorecard again
“South Australia has once again taken out the top spot in HIA’s Housing Scorecard,” stated Stephen Knight, HIA Executive Director.