On the last day Australians are able to sign a building contract to receive support through the HomeBuilder program, the Australian Bureau of Statistics building approvals data for February 2021 show approvals for private sector houses has yet again risen to the highest level on record.
HomeBuilder has delivered effective support and stimulus to protect the jobs of the 1 million Australians employed in the construction sector.
In February, approvals for private sector houses rose 15.1 per cent with 13,939 approvals recorded. This is the highest level on record since the ABS began the series in 1983 and exceeds the previous record in December last year.
Building approvals for private sector houses in February 2021 are up 57.5 per cent compared to the same time last year.
These record results solidify other recent key measures of success such as;
- New home sales rose by 60.5 per cent across the nation in the three months to February compared with the same period last year according to the Housing Industry Association (HIA);
- Despite the COVID-19 pandemic, the HIA found national new home sales in 2020 increased by 32.5 per cent compared to 2019; and
- A 50 per cent increase in first home buyers in 2020 compared with 2019 according to the Real Estate Institute of Australia.
Treasury estimates HomeBuilder will support up to $18 billion worth of residential construction projects. HomeBuilder is supporting our economic comeback and will continue to support residential construction jobs well into 2022.
More information on HomeBuilder can be found on the Treasury website.