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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 industry welcomes new ACT ministry
The Housing Industry Association has welcomed the announcement of the new ACT Labor ministry and looks forward to working with the government over the next four years to increase housing supply.
HIA submission to Greater Adelaide Regional Plan (SA)
HIA has made a substantial submission on the draft Greater Adelaide Regional Plan – 2024 (GARP) outlining a number of key concerns on the proposed plan.
CBOS Building Health Check Audits (Tas)
CBOS has advised that it will conduct a selection of Building Health Check Audit of Tasmanian licensed builders involved in residential construction projects.
Future Living Code Amendment (SA)
HIA submitted comments on the Future Living Code Amendment. HIA supports the work undertaken by the South Australian State Planning Commission which aims at addressing the ‘missing middle’ of housing in this state.