Healthy 2017 residential construction outlook in Australia:HIA

australia-dwellingLatest ABS figures on new home building approvals indicate that activity across the Hunter performed strongly in 2016, reported the Housing Industry Association, the voice of Australia’s residential building industry.

“In total 3872 approvals were issued for new dwellings across the Hunter, compared to 3848 in 2015, an increase of 1 per cent on already elevated levels”, said Craig Jennion, HIA Hunter Executive Director.

“Much of the heavy lifting for the residential sector continues to occur in the Lower Hunter, with the local government areas of Lake Macquarie, Newcastle and Maitland continuing to be the top 3 locations for approvals, accounting for over 82 per cent of total dwelling approvals”, explained Mr Jennion.

“Percentage increases in total dwelling approvals were the strongest in Singleton, up 30%, Newcastle, up 29%, and Cessnock, up 12%. Newcastle also took out the title of ‘biggest mover’ increasing their housing approvals by 272 dwellings over 2015”, explained Mr Jennion.

“The performance of new home building approvals across detached new homes and multi-unit approvals unfortunately fluctuated in 2016. Accounting for 67 per cent of all approvals detached house approvals increased by 5 per cent compared to the 2015 calendar year, while multi-unit approvals, a rather volatile element of our regional economy, dropped away by 8 per cent over the same period”.

“Despite this, these results for building approvals point to very healthy levels of activity in the residential construction sector in early 2017 and reinforce the important contribution that residential construction continues to make to the local economy,” concluded Mr Jennion.

Source: HIA

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