Hunter building approvals rise

Housing Industry Association Hunter Director Craig Jennion.A rise in building approvals for new homes in the Lower Hunterpresents opportunities for people thinking about building a home, the residential building industry’s peak body says.
Nanjing Night Net

The comments came after new figures showed that building approvals had shot up in parts of theHunter in the second half of 2016, compared with the previous year.

Dungog has led the charge, with a 140 per cent rise in building approvals for new homes in the three months to last November, compared with the same period in 2015, according to data from the Australian Bureau of Statistics.

Meanwhile, Maitland had 194 approvals at an increase of 11 per cent and approvals in Cessnock dropped by five per cent, but this was a drop of only two approvals –39 to 37.

Housing Industry AssociationHunter Director Craig Jennion said Dungog appeared to experience such a sharp rise in approvals because it had come from a relatively low base, compared with other parts of the state – with 12 approvals up from five.

He said nine of these Dungog approvals were recorded in November, itshighest since June 2011.

“[It] is extremely pleasing. It’s great that they are increasing above their average in 2016 of fourdwellings per month,” Mr Jennion said.

“Without growth more broadly across all the LGAs of the Hunter and Central Coast it will be extremely difficult to meet the dwelling targets established in the recently released [NSW Government] Hunter and Central Coast Regional Plans.”

Mr Jennion said work to revitalise Newcastle, historically low lending rates, surges in coal prices and local business and consumer confidence contributed to the boost.

He said the nation was in the midst of “the longest and biggest new home building cycle” in its history and benefits hadflowed into the Hunter.

“The most obvious of these is the opportunity to pre-plan and choose exactly what you need included in your home, right down to the positioning of your power points,” he said.

“Some of the other benefits include an ability to include more efficient or innovative products, cheaper running costs, less maintenance and the ability to choose your outlook.

“These benefits are exemplified by the record low interest rates and diversity of affordable land that is available in the Hunter.”

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