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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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Victorian bushfire support for fire affected businesses and individuals
In what has been a difficult time for many Victorians, HIA welcomes the package of support measures announced by the Allan and Albanese Governments to support businesses, individuals and communities affected by the recent Victorian bushfires.
Another increase in property taxes coming
“HIA is disappointed that the Victorian government has announced new proposals to further increase property taxes,” stated HIA Executive Director Victoria, Keith Ryan.
Red tape and skills shortages stall builder hiring despite housing boom
HIA says residential builders and trades remain cautious about hiring in 2026. Not due to a lack of housing demand, but because of mounting cost pressures, regulatory hurdles, and persistent skills shortages, according to a survey of small to medium enterprise members.
New planning requirements for car parking
The Victorian state government has introduced new provisions in Clause 52.06 of planning schemes specifying car parking requirements in new developments.