The HIA’s latest Industry Outlook Report reveals updated forecasts for new home building and renovation activity throughout Australia. It predicts the boom in construction will continue to keep the building industry firing well into 2022.
The high level of construction means there are still issues with the supply of materials and labour, which is also expected to continue next year.
While most of the demand has been for standalone housing so far, demand for units is starting to return with approvals for units increasing in both New South Wales and Queensland after a slow 2020.
The renovation market is also expected to remain strong, buoyed by a significant build-up in savings by homeowners unable to travel during the pandemic. The HIA is predicting that although the next 12 months will be strong, construction levels may begin to decline in the following years.