Detached housing approvals have hit a 20-year high, with October seeing the most detached house building approvals in Australia since February 2000.
According to Master Builders Australia, a total of 10,936 new detached houses received building approval throughout the month.
“The numbers out today provide further proof that the HomeBuilder scheme is a huge success in supporting new home building at a very challenging time,” Master Builders Australia Chief Economist Shane Garrett said.
“Inward migration to Australia is the single biggest driver of demand for new home building and with permanent arrivals to the country at their lowest since World War II, government support for residential building has prevented activity from sinking to catastrophic levels,” he said.
Meanwhile, Mr Garrett has welcomed the recent announcement of the extension of the HomeBuilder Scheme.
On Sunday, the Federal Government announced the landmark scheme would now run until March 2021, albeit at a lower rate.
“The weekend announcement of an extension to HomeBuilder is very welcome from this perspective as it means that the residential building industry can look forward to a decent pipeline of work for most of 2021,” Mr Garrett concluded.