The September quarter GDP figures reflect the crucial contribution of programs such as HomeBuilder in supporting jobs in the residential construction sector as Australia recovers from the economic impact of COVID-19.
Private dwelling expenditure increased by 0.6 per cent for the quarter, compared to a -4.9 per cent decline in non-dwelling construction. This followed eight consecutive quarters of negative growth.
‘HomeBuilder has been a terrific confidence boost for the property sector at a critical time, and we can expect to see its impact continue to play out over next two quarters as even more new home builds get underway,” said Ken Morrison, Chief Executive of the Property Council of Australia.
“The extension of HomeBuilder to March 2021, and its modification to reflect market conditions and construction timelines will help to keep the new housing construction pipeline flowing through 2021, supporting hundreds of thousands of jobs around the country,” Mr Morrison said.
Building approvals data for October 2020 released this week also highlighted HomeBuilder’s game-changing impact.
Approvals for private sector houses rose for the fourth consecutive month and reached their highest level since February 2000.
This followed a record increase in lending for new homes in September 2020, with record numbers of new home buyers coming into the market as well.
“Immigration has traditionally been a big driver for housing construction, but with our international borders likely to be closed for many more months to come, programs such as HomeBuilder are playing an essential role in stimulating demand, supporting jobs and helping more Australians into a home,” Mr Morrison said.