According to initial forecasts, the construction of new single-family homes in Australia will reach a record high in 2021. The Housing Industry Association (HIA) assumes that the construction of 130,000 single-family homes will begin this year, which is 10,000 more than the previous record set in 2018.
The reasons for this include low interest rates, subsidies from the Australian government, strong influx of people into rural areas due to Covid and very positive expectations regarding future property prices.
The strong demand has resulted in considerable increases in costs, for example wood prices have risen significantly in the short term – more than 85% of all single-family houses in Australia are made of timber frame construction.
The positive development in this market segment is expected to continue until the end of 2022, and could last significantly longer if immigration from overseas starts again after COVID or becomes possible.
Stand: 26.02.2021
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