South Australians’ surging demand for new home builds has reached a record high in seasonally adjusted terms in December last year – a staggering 34 per cent jump for the month and 67 per cent higher than a year ago.
Latest ABS data shows the total number of dwelling approvals in SA, including for example units, townhouses and apartments, rose by 17 per cent in December.
Nationally, new dwelling approvals were up 11 per cent.
“Private house approvals were strong across the country, with Victoria, South Australia and Western Australia hitting record highs in seasonally adjusted terms. Federal and state housing stimulus measures, along with record low interest rates have contributed to strong demand for detached dwellings,” ABS Director of Construction Statistics Daniel Rossi said.
Renovations are also on the rise, with the value of alteration and addition approvals in SA up by 25 per cent during December to be 60 per cent higher than a year ago.
Treasurer Rob Lucas has welcomed the boom in new home build approvals as yet another positive sign of a rebounding local economy in the wake of COVID-19.
“The fact that record numbers of South Australians are signing up to build new homes is further evidence of burgeoning confidence in the local economy, which will generate enormous ongoing economic activity and support thousands of local jobs,” said Mr Lucas.
“This represents the largest number of new private house approvals for SA on record.
“Government stimulus and record low interest rates are playing their part, we know the HomeBuilder scheme is going gangbusters here and providing a critical pipeline of work and employment for the industry – from plumbers carpenters and bricklayers to electricians, architects and other suppliers.”
There have been 8,575 applications for the HomeBuilder grant so far, of which 5,701 are new builds, 1,203 are off the plan, and 1,671 are for substantial renovations.
Of these, some will also receive the State Government’s $15,000 First Home Owner Grant.