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The Australian Bureau of Statistics today released its monthly building approvals data for May 2024 for detached houses and multi-units covering all states and territories.
“Detached home building approvals increased by 5.3 per cent in the month of May in Western Australia, with significant interest continuing in Baldivis, Byford and Yanchep” added Mr McGowan.
“The demand for new housing is certainly positive but also reflective of the housing challenges that the state is currently facing.
“Low rental vacancies and an increase in the established house prices are driving owner-occupiers, and we are still seeing strong investor interest from the East Coast.
“There is also a growing confidence that the delays and interest rate rises we have seen in the last three years have stabilised.
“The focus of Government and industry must continue to be on factors that improve the supply of housing. Skilled labour, de-constraining land, and limiting the volume of regulation coming at the industry will see an increase in the industry to supply housing while maintaining affordability.
“Multi-unit approvals in the three months to May 2024 are up by 65.1 per cent compared to the same period in the previous year.
“Skilled workers coming into the industry will see these approvals turn into real homes,” concluded Mr McGowan.
Leaders meeting at a Housing Industry Association (HIA) hosted regional housing roundtable in Nowra, have warned that current housing policy settings are failing regional communities, and are calling for a dedicated national housing plan to address mounting supply pressures beyond Australia’s capital cities.
The Housing Industry Association (HIA) is disappointed that the NT government has chosen to rush ahead with implementation of the latest update to the National Construction Code – NCC 2025.
The Housing Industry Association (HIA) welcomes the Commonwealth and Tasmanian Government’s announcement of $165 million agreement to support the delivery of up to 4,000 new homes, including 2,101 exclusively for first home buyers across the state.
HIA does not support Victoria mandating increased water-efficiency standards for fixtures in either new or existing homes, outside of a national process and supply chains. Among first steps to obtain higher benefits are voluntarily measures to address information asymmetries. Strengthening education, promotion, and awareness campaigns through water authorities and government-led media initiatives can encourage voluntary uptake.