More New Homes and Apartments Under Construction Than Ever Before

The Australian Bureau of Statistics reported that the overall number of detached homes and apartments that are under construction throughout Australia has risen by 2.9%. The Building Activity report for March 2022 shows that the only drop in new home construction is due to labor shortage.

The construction industry is making gradual, yet continued progress in working its way through the HomeBuilder pipeline for single detached homes.

“Despite the rise in completions and decline in commencement of new homes, the volume of detached work under construction is almost 80% above its pre-pandemic levels,” HIA Economist Tom Devitt said.

When it comes to multi-unit commencements, these have increased by 1.8% in the March quarter and 29.7% overall in the last year. This rise has been seen in both high-rise and medium density units across the country.

With interest rates on the rise, as well as inflation tugging on resident’s wallets, the shift towards high-density living is again expected to be the focus.