House construction and renovations have surged in the March quarter.
The announcement:
“Figures released by the ABS today show work done on detached houses and renovations surged in the March quarter,” said Angela Lillicrap, HIA Economist.
The ABS released preliminary data on construction work done across all states and territories for the March quarter of 2021.
“Work done on detached houses reached a near-record level in the March quarter. More growth is expected in coming quarters, with a record 146,000 detached housing starts expected in the 12 months to September 2021,” added Ms Lillicrap.
“Work done on renovations was the highest on record in the March quarter. This is expected to remain elevated in 2021.”
“HomeBuilder has been a key driver of this surge in activity but other factors are also significant. Record low interest rates and a change in preferences towards detached housing are also important drivers,” concluded Ms Lillicrap.
Source: Housing Industry Association
