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Queensland Housing Recovery Changing Direction posted on the 22nd February 2015
Ipswich Granny Flats, your Granny Flat experts – current media release from the HIA. Great news for the building and property industry, particularly in Queensland!
Queensland Housing Recovery Changing Direction
HIA Media Release
11 February 2015
Detached homes have overtaken multi-unit developments as the driver of housing recovery in Queensland according to Housing Industry Association. Warwick Temby, HIA’s Executive Director for Queensland said “The home building recovery in Queensland began with a surge in multi-unit approvals. But the ABS figures for the December quarter 2014 show that detached homes are now the growth area.
“Detached home approvals are up 14% in the year to the December quarter 2014 while multi-unit approvals have fallen by 26%. The important home renovation market is also showing signs of improvement with 8% growth in approvals. This part of the home building market has been sluggish for several years.
“There remain strong regional differences in the home building recovery: it is still centred on the South East of the State as shown in the table below. In Brisbane detached home approvals are up 30% and over 50% on the Gold Coast. Sunshine Coast is up 43%.
“All these figures mean that the home building industry in Queensland is set for a busy 2015. HIA expects around 40,000 new homes will be started in Queensland in 2015.
“It was pleasing to see prior to the Election both the major political parties committing to maintaining the $15,000 Great Start Grant for first home buyers. This, combined with lower interest rates, will help to maintain home building as one of the bright lights in Queensland economy for some time yet”, Mr Temby concluded.
