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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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HIA welcomes the expansion of the NSW Government’s Pre-sale Finance Guarantee
“The Housing Industry Association welcomes today’s announcement by the NSW Government of the expansion of the Pre-sale Finance Guarantee” said Brad Armitage, Executive Director NSW.
Infrastructure remains the barrier to increased housing supply
“Residential land prices increased by 1.5 per cent in the final quarter of 2025 to be 9.4 per cent higher over the year, increasing almost three times faster than consumer prices over the same period,” stated HIA Senior Economist Tom Devitt.
HIA Values statement for the residential building industry
This Values Statement sets out HIA's position in relation to the core beliefs and principles that should guide the residential construction industry, shaping how it operates, conducts business, and interacts with all stakeholders.