Approvals for new homes in Geelong have jumped by 19.8 per cent in the year to October, according to the latest Housing Industry Association (HIA) statistics.
Single detached house approvals increased even more in the three months to October compared to the same quarter last year, rising by 55.7 per cent, according to the figures.
The figures also show big home-building booms in Lara, Highton, Newcomb, Moolap, North Geelong and Bell Park.
Lara home approvals almost tripled in the year to October, increasing by 178.2 per cent compared to the previous 12-month period.
Approvals increased by 76.8 per cent in Highton, 65 per cent in Newcomb and Moolap and 60.6 per cent in Bell Park and North Geelong.
Leopold recorded the largest decrease of 61.5 per cent.
The figures come after HIA last week announced loans for new homes had increased by 49.8 per cent in Victoria in the three months to October compared to same quarter last year.
HIA economist Angela Lillicrap credited low interest rates and the federal government’s HomeBuilder grants for the results in a year dominated by COVID-19.
“This is the highest result since the Australian Bureau of Statistics (ABS) began reporting this data in 2002,” she said.
“HomeBuilder was the catalyst for improving consumer confidence in the housing market.
“The strength of housing finance data is also due to several factors including low interest rates.
“This improvement is broad-based and can be seen to varying degrees across all states and territories.
“We do not expect this to be the peak of the cycle. HIA new home sales data suggests that detached housing finance approvals will continue to be strong over the coming months.
“The extension of HomeBuilder will see strong results carry over into 2021.
“It is evident in today’s data that HomeBuilder has been successful in creating work on the ground in the December quarter and will protect jobs across the economy.”
