The Federal Government & # 39; s HomeBuilder program has started to benefit the housing market, as the approval of single family homes continues to rise, as the latest figures from the Australian Bureau of Statistics (ABS) show.
Approvals for homes rose 4.8% in August, extending the 8.6% growth recorded the month before. In contrast, unit and apartment approval fell sharply by 11%, leading to a 1.6% drop in overall housing approval.
"The August results indicate a growing demand for single-family homes following the relaxation of restrictions in most states and territories. However, apartment approvals remain low, at levels almost eight years, ”said Daniel Rossi, director of construction statistics at ABS.
The growth in approvals for single-family homes reflects the positive effects of the HomeBuilder program, said Angela Lillicrap, economist with the Housing Industry Association. This was evident in Western Australia, which, after years of decline, saw a 32.9% increase in approvals.
"This is consistent with other leading indicators that show HomeBuilder and the state government's Building Bonus have boosted demand for new homes," said Lillicrap.
Queensland also saw a substantial increase, with approvals of single-family homes increasing 13.4%. Lillicrap said other states have yet to reflect HomeBuilder's impacts due to several factors.
"This reflects a series of factors, including longer processing times with local councils and delays in finalizing construction plans between client and builder, and a stronger pipeline of existing works," said she declared.
Maree Kilroy, economist at BIS Oxford Economics, said the gains in the detached segment prevented further drag on overall approvals.
"Over the next few months, the HomeBuilder program and historically low interest rates are expected to bottom under nationwide housing approvals, with a solid rebound in land and property sales. the interest of buyers in most states, giving an encouraging lead to the demand for new housing, "she said.
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