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{{propApi.successMessage}} {{region}} Change locationBuilders to remain busy into 2023 - May update
Builders to remain busy into 2023 - May update
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The Australian Bureau of Statistics today released data on building approvals and on lending to households and businesses for May 2022.
“Detached house approvals increased by 1.8 per cent in the three months to May 2022 to be 14.7 per cent higher than the same three months in 2019,” added Mr Ward.
“Renovations activity also remains elevated. While the value of renovations approved fell by 1.8 per cent in the three months to May 2022, it is 38.9 per cent higher than the same three months in 2019.”
“At the end of 2021, there were 75.7 per cent more detached homes under construction than at the end of 2019.”
“Activity in 2022 shows the rate of new home building and renovation activity remains strong which will assist in delaying the adverse impact of rising interest rates on building activity, and therefore on the wider economy.
“Encouragingly, investor activity continues to grow. The value of loans to investors in the three months to May 2022 was 36.2 per cent higher than the same three months in 2021. This points to more supply of rental homes in the future, which will help alleviate the severe rental shortage being experienced around Australia,” concluded Mr Ward.
Building approvals - Australia (May 2022)
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Strength of HIA advocacy on display
The Housing Industry Association (HIA) has been at the forefront of advocacy, fighting hard for our members and industry. We are pleased to highlight a few important wins achieved over the past week.
APRA's handbrake could exacerbate inequities in wealth
The following comments can be HIA’s Chief Economist, Tim Reardon in relation to the APRA announcement to limit lending.
Progress on EPBC reform positive but implementation now critical
“The Housing Industry Association (HIA) is pleased to see progress on the long-awaited and much debated EPBC Act reforms, though the final details on the new laws and how they will be implemented now become critically important,” HIA Managing Director Jocelyn Martin said today.
Changes to building permit applications commence
The Victorian Government has just announced changes to the method of calculating the cost of building work for building permit applications. The changes aim to ensure that the building permit levy is only charged for actual building work.