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“The slowing in commencements is not due to slowing demand. Home building activity in the first quarter of 2022 was held back by staff shortages associated with the Omicron outbreak and the higher than usual uptake of holiday leave,” added Mr Devitt.
“Detached completions also managed to climb by 10.8 per cent, from 28,098 in December 2021 quarter to 31,145 in March 2022. This is the strongest quarter of completions since September 2018 and represents the gradual but continued progress being made in the HomeBuilder pipeline.
“Despite the rise in completions and decline in commencement of new homes, the volume of detached work under construction is almost 80 per cent above its pre-pandemic levels.
“This was driven by the combination of the HomeBuilder grant and record low interest rates. Even after the end of the grant, all the extra time Australians were spending at home either working or locked down, resulted in a pandemic trend towards space and amenity. This kept demand for new housing and renovations elevated. Other indicators, such as building approvals, finance approvals and new home sales, continue to show a strong volume of work entering the pipeline.
“In addition to this, the multi-units market is also continuing to strengthen. Multi-unit commencements increased by 1.8 per cent in the March 2022 quarter to be 29.7 per cent up in the last 12 months compared to the previous year. This improvement has been seen in both high-rise and medium density units.
“With interest rates and the cost of building increasing rapidly, affordability constraints will increasingly push home buyers back towards more affordable, higher density living and with the return of migration, demand for units should continue to strengthen.
“The combination of all these demand and supply factors – an enormous pipeline of detached and renovations work, rising interest rates, the return of overseas migrants, and ongoing supply constraints – will keep Australian builders busy in 2023,” concluded Mr Devitt.
“The Housing Industry Association (HIA) is backing calls for a dedicated energy security and supply plan to support Australia’s building product manufacturing sector, acknowledging their critical importance to our economy and providing the essential products for our homes,” HIA Chief Executive – Industry and Policy, Simon Croft, said today.
“The Housing Industry Association (HIA) welcomes the announcement of over 4,600 new homes approved for construction under the national environmental laws, since August this year,” said HIA Chief Executive, Industry and Policy, Simon Croft.
October marks the beginning of National Safe Work Month – a time for us all to pause, reflect, and reinforce our commitment to creating a safe and healthy workplace for everyone,” said HIA Hunter Executive Director Craig Jennion.
The Victorian government has introduced changes to OHS regulations that expressly requires employers to identify psychosocial hazards and how they intend to manage the risks to health and safety.