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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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Tasmanian Government holds firm on NCC 2025
The Tasmanian Government has confirmed it will not adopt the revised National Construction Code (NCC) 2025, following the Building Ministers’ Meeting held on Wednesday.
New powers to address Fidelity Fund headaches
HIA has expressed significant concerns with the operation of fidelity funds due to the complexity of the insurance product, lack of adequate protection for consumers and absence of independent APRA regulation.
Building Ministers decide on NCC 2025 content and release
Commonwealth, State and Territory Building Ministers at the Building Ministers’ Meeting met yesterday to decide on the content and timing of the National Construction Code (NCC) 2025.
HIA welcomes Building Ministers concrete actions on building code reform
“The Housing Industry Association (HIA) welcomes commitments made today by Commonwealth, State and Territory Building Ministers in providing decisive action to pause non-essential building code changes and to reset how the NCC is developed and implemented going forward,” said HIA Managing Director Jocelyn Martin.