The construction boom in the single-family home segment is expected to continue over the next 12 months and through 2023.
Figures from the Australian Bureau of Statistics (ABS) showed seasonally adjusted growth of 3.6% of the total number of dwellings approved in November , rebounding from a 13.6% decline in the previous month.
ABS director of construction statistics Daniel Rossi said the increase in the total number of dwellings approved during the month was due to housing individuals, which posted growth of 9.7%.
"The series has reached historically high levels over the past year, in large part thanks to government stimulus and interest rates record, ”he said.
"While private housing approvals are no longer at record levels, November's result remains 25.8% higher than before the level. pandemic of November 2019, indicating a continued strength in the single-family home market. "
Overall approvals increased the most in Tasmania (40.8%), followed by Queensland (20%) and New South Wales (5.4 %).
The total value of residential buildings increased 7.1% during the month, including the 8.5% gain in new residential buildings which offset the 0.8% decrease in renovations.
Housing Industry Association (HIA) chief economist Tim Reardon said that approvals of single-family homes during the month saw the most strong growth since February 2000. [19459007
"Individual approvals remain high in all jurisdictions – This boom in single-family home construction is expected to continue through 2023," he said declared.
Mr. Reardon said the multi-unit segment has also started to emerge from the impacts of the pandemic, recording a 7.5% increase in approvals over the course of of the month.
"It is an encouraging sign that apartment building will return before the return of overseas migration.
"All indications continue to show that the demand for building services and materials will remain high in all regions through 2022 and into 2023 . "
Photo by @ jeriden94 on Unsplash
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