According to data from the Australian Bureau of Statistics (ABS), the federal government's HomeBuilder program continues to take housing approval levels to a new high.
Approvals for private sector homes rose 15.1% in February, which translated to 13,939 homes. During the year, approvals for the construction of new homes increased by 57.5%.
"This is the highest level on record since ABS started the series in 1983 and surpasses the previous record in December of last year," said Michael Sukkar, Minister of Housing.
The impacts of the HomeBuilder program are also apparent in other key housing metrics.
For example, figures from the Housing Industry Association show that sales of new homes increased 60.5% in Australian markets.
Despite the COVID-19 pandemic, new home sales have increased 32.5% in the past year. First-time homebuyers' activity increased over the past year, accounting for 50% of overall housing market activity.
According to federal government estimates, the HomeBuilder program is expected to support up to $ 18 billion in residential construction projects.
Sukkar said the HomeBuilder's positive effects extend beyond the housing market to the economy.
"HomeBuilder has provided effective support and stimulation to protect the jobs of the million Australians employed in the construction industry. HomeBuilder supports our economic comeback and will continue to support residential construction jobs until ; in 2022, "he said.
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