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{{propApi.successMessage}} {{region}} Change locationBuilding approvals fell sharply during Omicron outbreak
Building approvals fell sharply during Omicron outbreak
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“Approvals for detached houses fell by 17.3 per cent and 43.6 per cent for multi-units.
“This sharp fall in January can be attributed to staff shortages during the Omicron outbreak and a higher than usual uptake of holiday leave.
“There are no indications that home building activity is facing weak demand any time soon, despite temporary interruptions from the Omicron outbreak in January.
“The absence of Council workers, private certifiers and building business staff will have weighed on the ability to process approvals.
“We anticipate an above average volume of approvals will be reported in coming months as the impact of this disruption fades.
“Early indications are that home building bounced back as the Omicron wave abated and builders were able to return to work.
“There are more homes under construction at present than in any previous cycle and this will continue to grow until mid-2022.
“The elevated volume of homes approved, but not yet commenced construction, will ensure that January’s brief disruption won’t change builders’ busy schedule this year.
“The Reserve Bank has retained its ‘patient’ stance regarding its record low cash rate, as it waits for consumer behaviour to normalise, supply chain issues to ease and other international developments to emerge.
“This will help ensure that the salient constraint on builders this year remains the price and availability of land, labour and materials, not weak demand,” concluded Mr Devitt.
In seasonally adjusted terms, total residential building approvals decreased in the last three months compared to the previous quarter in Western Australia (-21.0 per cent), New South Wales (-19.1 per cent), Victoria (-13.4 per cent), South Australia (-5.8 per cent), and Queensland (-5.7 per cent), while in original terms, increasing in the Northern Territory (+3.4 per cent), the Australian Capital Territory (+11.0 per cent) and Tasmania (+11.1 per cent).
Home building materials prices still slower than CPI
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
Productivity Commission backs HIA calls for major regulation overhaul
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes key findings of interim Productivity Commission’s report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
Building approvals pick up 2024/25
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.