Victoria recorded its strongest quarterly growth in insulated building approvals since 1983, according to the latest Housing Industry Association (HIA) report.
Approvals for the construction of single-family homes increased 36.1% per year in the first three months of the year.
"We expect a record volume of construction to begin this year and into 2022, with over 40,000 new single-family homes set to begin construction," said Fiona Nield, Victoria Managing Director at HIA.
The home improvement segment also had a busy quarter, with approvals increasing 22.2%.
In contrast, multi-unit approvals declined during the quarter. While approvals are increasing for the month of March due to the surge in approvals for high-rise buildings, that growth has not offset the declines reported in previous months.
"This segment is subject to volatility. In the three months leading up to March, multi-unit approvals remain 30.6% lower compared to the same period a year earlier," Nield said.
In the same quarter, Melbourne hit a new record for house prices and unit prices, according to Domain's latest report.
The median real estate price in Melbourne is expected to break $ 1 million by the end of the second quarter. Its unit segment is also set to continue to grow – the city was the only capital to record high unit prices in the quarter.
Top suburbs:
Alexandra Hills
,
stafford hts
,
north epping
,
Scarborough
,
south of Brisbane
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