{{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location {{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change locationLooming building slump becomes clearer
Looming building slump becomes clearer
Member and guest login
Enter your email and password to access secured content, members only resources and discount prices.
Did you become a member online? If not, you will need to activate your account to login.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
Forgotten password
Need some help?
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
If the email address you have entered is registered, you will receive an email with further instructions.
Become part of the HIA community
Enables quick and easy registration for future events or learning and grants access to expert advice and valuable resources.
Create a guest account
Enter your details below and create a login
Send me exclusive tips, early access to new launches, and special offers. I can change my mind at any time.
By clicking Get started now you agree to the terms and conditions and privacy policy.
The Australian Bureau of Statistics today released its monthly building approvals data for January for detached houses and multi-units covering all states and territories.
“Both detached house and multi-unit approvals in January declined by 13.5 per cent and 43.7 per cent respectively. While multi-unit approvals can be volatile from month-to-month, the continuing declines in the detached sector are reflective of the RBA’s rate increases from last year,” added Mr Devitt.
“The last time detached house approvals were at these low levels was also the last time the RBA overshot with increases in the cash rate, which was in June 2012.
“This will not be the end of the decline in approvals. The adverse impact of last year’s cash rate increases is still to fully flow through to the official data.
“The higher cash rate is compounding the adverse impact of the rising cost of materials, labour and land as well as the increased costs of compliance with the building code.
“There remains a large volume of work underway on the ground that will be completed in 2023 and this will keep unemployment in the national economy exceptionally low until early 2024.
“If the RBA continues to raise rates, they do risk a longer and deeper slowdown in economic growth than is necessary in this cycle,” concluded Mr Devitt.
In seasonally adjusted terms, total building approvals were down in almost all jurisdictions in the first month of 2023, with the declines led by New South Wales (-49.0 per cent), Victoria (-38.6 per cent), Tasmania (-31.7 per cent), Western Australia (-7.9 per cent) and South Australia (-6.5 per cent). Queensland saw the only increase for the month in seasonally adjusted terms, up by 25.6 per cent. In original terms, total building approvals fell in the Australian Capital Territory (-57.5 per cent) and the Northern Territory (-51.1 per cent).
For more information please contact:
New Sydney Plan welcomed by HIA
“HIA welcomes the finalisation of the new Sydney Plan which provides a 20-year framework for the future development of Sydney,” said Brad Armitage HIA NSW Executive Director.
Housing industry urges Government to keep SMSF finance flowing to new homes
The housing industry is calling on the Australian Government to allow self-managed super funds (SMSFs) to continue borrowing to build new homes, at least until the impact of its new borrowing restrictions on housing supply is independently assessed and made public.
Bragg NCC plan puts spotlight on need to stop the regulatory escalator
“HIA welcomes Senator Andrew Bragg putting National Construction Code reform squarely at the centre of the housing affordability and productivity debate,” said HIA Chief Executive – Industry & Policy, Simon Croft.
You can't fix housing affordability without fixing productivity
HIA has welcomed the interim report of the Senate Select Committee on Productivity in Australia, saying it confirms housing affordability and supply are now critical determinants of the nation's economic performance.