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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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Home builders left in limbo over apprentice funding
Despite the nation falling behind in its housing targets, the Federal Government has left apprentices and employers in limbo with uncertainty of funding beyond Christmas, says the Housing Industry Association (HIA).
Renovators and investors boost home building activity
“Home renovation activity nears record high, boosted by rising home prices and low unemployment,” stated Tim Reardon, HIA Chief Economist.
Passage of the Planning Systems Reforms Bill is great news for the housing industry
“Today is a great day for the housing industry in NSW with passage of the Planning System Reforms Bill 2025 through parliament,” said Brad Armitage, HIA NSW Executive Director.
Confirm your DBI eligibility. Don’t wait, act now
Starting 1 July 2026, domestic building insurance (DBI) will only be available through the Building and Plumbing Commission (BPC), which has replaced the VMIA in providing this product.