According to the latest Housing Industry Association (HIA) report, New South Wales is expected to record strong approval numbers this year as construction continues to climb.
Recent figures from the Australian Bureau of Statistics show robust approval numbers for the first quarter of the year in New South Wales, which have reached 26%.
“We are forecasting a very good year for construction in New South Wales this year, and into 2022, with the highest number of single-detached house starts since 2017,” said David Barre, Director executive of HIA. "The record volume of work will see the industry absorb workers from across the economy."
Renovation approvals in the state also increased in the quarter, up 32.9% from a year ago.
"There is a record volume of renovation approvals in New South Wales. This is consistent with more timely leading indicator results such as the Home Sales report new from HIA following HomeBuilder's announcement, ”Barre said.
While multi-unit approvals ended March on a high note, segment volatility was still evident when quarterly numbers were factored in. In the quarter, multi-unit approvals in the state were down 1.2% from a year ago. Nonetheless, the increase in approvals for townhouses and high-rise buildings helped the segment post solid gains in March.
New South Wales was among the states that saw strong growth in single-detached home approvals in the quarter. Overall, home approval increased 54.2% across Australia, driven by growth of 154.8% in Western Australia and 80.3% in Australia -Southern.
Approvals for single-family homes also increased in Queensland (50.7%) and Victoria (36.1%).
"We expect a record volume of construction to begin this year and into 2022, with over 130,000 new single-family homes scheduled to begin construction," said Nick Ward, senior economist at HIA.
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