Victoria is set to hit a new record for housing starts in the coming months, breaking the previous record set in 2018, according to the Housing Industry Association (HIA).
Isolated housing starts in Victoria are expected to reach 45,000 in September 2021. This is almost 17% above the 2018 record.
"This large volume of work will ensure that the industry remains very active at least until the second half of 2022," said Fiona Nield, executive director of the HIA.
This builds on the skyrocketing building approvals in the state in the first three months of the year. During the quarter, approvals of single-family homes increased 36.1% per year.
"We expect a record volume of construction to begin this year and into 2022, with over 40,000 new single-family homes scheduled to begin construction," Nield said.
On the other hand, the multi-unit building segment is expected to post a slowdown in housing starts over the next two years. The timing and speed of a resumption of overseas migration will play an important role in this segment.
"If overseas migration returns sooner or faster than expected, the housing starts trough in 2023 will not be as deep as currently expected. Likewise, if restrictions on labor migration continue through 2022, the depth of the emerging slowdown in new posted departures will be exacerbated, "Nield said.
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