MAITLAND is again on the verge of a residential construction boom, with building approvals up one third year-on-year.
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Not so long ago Maitland was the fastest growing regional area outside Sydney.
The latest figures will stoke the fires beneath that mantle.
And the likes of HomeWorld will bank on it – with 43 new display homes having been opened to the public at Thornton on Tuesday.
At the official opening ceremony, HomeWorld chairman Mike Scott said that, within three years, 380 new houses would dot the countryside around the development.
“Detached, family housing will remain our core business but we’re seeing changing households,” Mr Scott said.
Mr Scott said the diversifying composition and requirements of the family unit had driven increased needs for diverse housing options – from duplexes to suburban mansions.
Approvals for houses (detached dwellings) were up 31 per cent in the Maitland area in the 12 months to May, when compared to the previous 12 months.
Permissions for townhouses and units (attached dwellings) were also up 17 per cent for the same period.
“The figures are looking very strong at the moment,” Housing Industry Association regional director Craig Jennion said.
“It was only a decade ago that Maitland was on the Hot Spot report for the top 10 areas of growth in the state.”
The HIA compiles the housing approval data from various council areas.
Maitland compared favorably to areas much bigger for the 12 months to May.
- Lake Macquarie 1512
- Wyong 960
- Maitland 794
- Newcastle 879
“In the last three months alone Maitland is up 28 per cent compared to the January-May period in 2015,” Mr Jennion said. “It’s good news if you’re a builder, tradesman or a supplier.”
But it’s also good news for home buyers.
“There’s a strong relationship between housing supply and affordability,” Mr Jennion said.
“Generally Maitland has a good mix of small and large lots … a steady supply of lots coming onto the market means we haven’t seen a large escalation of prices.”
According to HIA research, national home affordability fell by 3.7 per cent in the June 2016 quarter.
HomeWorld CEO Phil Jones said his group was commitment to producing properties in the sub $400,000 range as home ownership among the 25- to 35-year-old age group declines.
Mr Scott spoke of the need to meet a dual demand in the Hunter – affordable housing for first-home buyers on the one hand and attractive investment properties for baby boomers on the other.
