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{{propApi.successMessage}} {{region}} Change locationBuilders to remain busy into 2023
Builders to remain busy into 2023
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The Australian Bureau of Statistics today released its monthly building approvals data for April for detached houses and multi-units covering all states and territories.
“Detached house approvals increased by 1.4 per cent in the three months to April 2022 to be 16.8 per cent higher than the same three months in 2019.
“Renovations activity also remains elevated. The value of renovations approvals jumped by 6.6 per cent in April to be up over the last 18 months by 42.6 per cent on pre-pandemic levels.
“At the end of 2021, there were 75.7 per cent more detached homes under construction than pre-COVID. There are now more homes approved and waiting commencement than in any previous cycle.
“Together with similar new home building and renovations booms in other developed economies, this has placed significant demands on the international supply of building materials, along with local supplies of land and labour. This has combined to create ongoing increases in the cost of construction.
“This will sustain Australia’s elevated number of homes and renovations under construction and keep Australia’s already-stretched home builders busy until at least June 2023.
“It will also delay the adverse impact of rising rates on the industry, and therefore the wider economy.
“Multi-unit approvals increased by 7.4 per cent in the three months to April 2022.
“An acute rental shortage and deterioration in affordability has seen strengthening demand for multi-units, including high rise apartments. There are early signs that overseas migrants – who tend to favour higher density living – are returning. These factors will support demand for multi-unit construction going forward.
“With detached home building and renovations activity remaining at capacity until at least June 2023 and demand for multi-units returning, the shortage of building materials and labour will continue to be the main pinch point for the industry,” concluded Mr Devitt.
In seasonally adjusted terms, total residential building approvals increased in the last three months compared to the previous quarter in Victoria (+9.9 per cent), New South Wales (+8.6 per cent) and South Australia (+4.3 per cent). Declines were seen in Queensland (-4.5 per cent), Western Australia (-9.8 per cent) and Tasmania (-17.1 per cent. In original terms, approvals increased in the Northern Territory (+115.2 per cent) but declined in the Australian Capital Territory (-5.2 per cent).
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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.