New homes build momentum

 New homes build momentum

The rate of home construction continued to grow in February as more Australians took advantage of the federal government’s Homebuilder grant.

The number of dwellings approved rose 21.6 per cent in February (seasonally adjusted), according to the Australian Bureau of Statistics (ABS), meaning nearly 20,000 new dwellings could begin construction.

ABS Director of Construction Statistics Bill Becker says, following a slump in January, February’s numbers indicate continued growth in the sector. 

“Approvals for private houses increased… in February, exceeding the previous record-high set in December last year,” he says.

“Since the introduction of the Homebuilder grant in June 2021 private house approvals have risen by almost 70 per cent.”

Overall the nation has seen a substantial increase in dwelling approvals for February, with Queensland at the top with a staggering 40.5 per cent increase in permissions. The only state to buck the trend is South Australia, which saw dwelling approvals fall by 3.4 per cent.

While houses prices have seen the highest jump in value compared to the relatively stable price of apartments and townhouses, new developments continue for high-density housing. Approvals for townhouses and apartments increased by more than 45 per cent in February, coming off a nine-year low in January.

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