Under a series of economic stimulus measures by the Australian Federal Government and state governments, the number of residential and infrastructure construction in Australia in October reached the highest level in three years. Among them, the index for measuring detached residential construction activity climbed 4.4 points to 61.3 points, which is much higher than the benchmark (50 points). It shows that independent housing construction activities are in a stage of rapid growth.
Another new home order sub-index, which measures future activity, soared 11.9 points to 67.1 points, the highest level of the index. Ai Group policy director Peter Burn said that with Victoria’s gradual relaxation of blockade restrictions, the state’s property market has begun to recover and is supported by more and more public funds. This week, the federal government launched the first housing loan deposit program to help 10,000 people buy or build houses.
In addition, the federal government also introduced a $688 million housing construction plan to help the real estate market recover. According to ABS data, new housing loans surged to the highest level in three years in September. In October, the index measuring apartment construction activity increased by 3.7 points to 47.1 points, indicating that apartment construction activity is falling further, but the rate of decline has slowed.
