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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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Housing must be a national priority this Federal Election
Today HIA launched our 2025 Federal Election campaign that calls on all political parties to commit to making housing a national priority and deliver a comprehensive housing plan in support of our industry.
WorkSafe ACT raises alarm over training gaps
Housing Industry welcomes priority on residential construction workforce (WA)
The Housing Industry Association (HIA) has welcomed today's announcement by the WA Labor Party to extend the Group Training Organisation (GTO) Wage Subsidy program, providing more opportunities for Western Australians to embark on apprenticeships should it be successful at the next election.
Interest rate cuts won’t deliver 1.2 million homes
“The RBA cut its benchmark cash rate today from 4.35 per cent to 4.1 per cent, the first cut since it first started its hiking cycle in May 2022,” stated HIA Chief Economist, Tim Reardon.