Figures released by the Australian Bureau of Statistics (ABS) show that the value of total buildings approved hit a record high of $15.6 billion in March, a 36.3% rise from February.
There was a 63.6% increase in the number of multi-unit dwellings, the biggest rise since November 2017, which contributed heavily to the approval numbers.
The number of detached dwellings stayed at record high levels. It saw an increase of 0.1% to 14,117, compared to 14,108 from February.
Cause and Effect
The Homebuilder scheme is one of the main reasons for the massive increase in building approvals in recent months. With this massive uptick, construction demand will remain high over the next couple of years.
However, with the Homebuilder scheme ending on March 31, approvals for houses are expected to drop off relatively sharply over the year. This is because many people who wanted to receive the grant brought their decision forward.
What if I missed the Homebuilder scheme?
Even if you missed the Homebuilder scheme, these are the other government schemes that are still currently available for first home buyers:
Along with these schemes that you can apply for, you can use support from your parents to purchase your first home. They can help you by giving you your deposit as a gift or acting as a guarantor for your loan.
If you want to buy your first home this year, then talking to a specialist mortgage broker could be the fastest and the most reliable way. At Home Loan Experts here, we will guide you through each step of the process so that you don’t have to stress.
Please give us a call on 1300 889 743 or complete our easy online enquiry form, and we can get you started on your first home buying journey right away!