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Approvals for private sector houses once again rose in February, bringing the number to the highest level on record.
The Australian Bureau of Statistics (ABS) building approvals data showed that approvals in February rose by 15.1 per cent, with 13,939 approvals recorded nationwide. It’s the highest level on record since the ABS began the series in 1983, and exceeds the previous record which was set in December 2020.
The month’s result also dwarfed figures from the same time last year, when the pandemic was first pressing in Australian shores. February approvals surpassed the numbers recorded during the same time last year by 57.5 per cent.
The approval record was noted and released on the last day of the HomeBuilder program on 31 March 2021, which the federal Minister for Housing and Assistant Treasurer, Michael Sukkar, said reflected the program’s success in aiding the revitalisation of the property market post-pandemic.
“HomeBuilder has delivered effective support and stimulus to protect the jobs of the 1 million Australians employed in the construction sector,” the minister said.
The record result also comes off the back of a rise in new home sales since 2019, according to the Housing Industry Association (HIA), as well as the 50 per cent increase in first home buyers through 2020, according to the Real Estate Institute of Australia (REIA).
Looking ahead, HomeBuilder is still expected to support up to $18 million worth of residential construction projects.
“HomeBuilder is supporting our economic comeback and will continue to support residential construction jobs well into 2022,” Mr Sukkar concluded.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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