HIA highlights second consecutive month of growth

Posted by Design & Construct on 09-Apr-2015 00:46:09

In Construction

As Australia's population continues to grow, new homes are required to meet demand across the country.

It is then pleasing to report the latest findings from the Australian Bureau of Statistics (ABS) as published by the Housing Industry Association (HIA). According to the figures, February new dwelling approval numbers continued to remain stable at a higher than expected level.

During the last month, there were 18,768 new dwelling approvals across Australia. While this marked a 3.2 per cent decrease since January, it is remarkably higher than the majority of 2014. In fact, this is the second highest result in 32 years of collected data.

When looking closer, detached house approvals grew 0.2 per cent while there was a 6.6 per cent decrease in multi-unit approvals. This was mostly blamed on the extraordinarily high January numbers for multi-unit dwellings.

 

Industry response

HIA Senior Economist, Shane Garrett described the latest result as "very strong".

"In January, new dwelling approvals reached their highest level on record. Today's results for February show that activity remains at exceptionally high levels, with a solid pipeline of activity set to remain in play over the coming months," he said in an April 1 media statement.

Mr Garrett went on to say a strong pipeline of housing solutions will go a long way to helping current affordability pressures on buyers.

"At a time of weak overall domestic demand, new residential construction is acting as a welcome pillar of support," he explained.

"Governments at all levels must work to ensure supply constraints do not impede the continuation of elevated levels of new home construction."

Where are the most approvals being granted?

For construction workers looking for sustainable work, it is important to consider where the most new dwelling approvals are located. If they are outside your home state, it's recommended to work alongside a dedicated recruitment provider such as Design & Construct who can find the perfect job based on your location, history, skills and qualifications.

According to the figures, Victoria saw the greatest rise (20.5 per cent) in approvals during February. This was followed by New South Wales (13.5 per cent) and Tasmania (4 per cent). A number of other states and territories are close to an improvement and are expected to gain more traction in the months ahead.

As construction continues to heat up across Australia, get in contact with the expert team at Design & Construct to ensure you don't miss out.