HomeBuilder driving surge in housing approvals

THE NUMBER of building approvals for new homes jumped by 15.4 percent in seasonally-adjusted terms thanks to the continued success of the Federal Government’s HomeBuilder scheme, according to Master Builders Australia CEO Denita Wawn.

“During September, there was a 9.7 percent increase in private sector detached house approvals while approvals for apartments and units did even better, jumping by 23.4 percent up from August,” she said.

“These positive figures are mirrored by lending data showing a 25.3 percent surge in the number of loans to owner occupiers for new home construction. Even prior to the start of the Covid-19 crisis, new home building activity in Australia had been in the advanced stages of downturn.

"The introduction of HomeBuilder has turned things around. Approvals for new detached houses are now 20.7 percent up on this time last year,” Ms Wawn said.

“The recovery in residential building will benefit the whole economy. Every $1 million in residential building activity supports nine jobs right around our economy. The upturn generated by HomeBuilder is helping claw back some of the jobs lost as a result of the pandemic.

“Extending HomeBuilder until the end of 2021 will maximise the benefits of the scheme will be fully maximized. It will mean the renewed momentum in the housing market to reach its full potential over the course of next year and provide even more benefits to our whole economy in terms of restoring employment,” Ms Wawn said.

www.masterbuilders.com.au

 

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