Home building approvals rise 44 per cent in Maitland

Home building approvals in Maitland jumped 44 per cent in winter this year compared to the same period in 2016.

The latest figures from the Australian Bureau of Statistics show approvals rose from 202 in the three months to August 2016 to 290 in the same period in 2017.

In the 12 months to August 2017 there were 860 approvals, up 16 per cent from the 742 in the previous 12 months.

In the past three months, several pockets of land around Maitland have been released for sale.

At Farley, 100 lots were released in September as part of the Ravensfield development. Thornton and Louth Park are also poised for more housing development with applications for 247 lots across the two suburbs approved in July.

Plans for a 279 lot subdivision for Gillieston Heights are on display with Maitland Council until October 16, while plans for a 145 lot subdivision at Lochinvar were also recently exhibited.

The Hunter saw a two per cent increase in building approvals in the two years to August 2016, with significant boosts Dungog, Singleton and Cessnock.

“While in other areas of Australia the latest ABS building approvals saw big reductions, reinforcing a concern that the overall market has peaked nationally,”  HIA Hunter Executive Director Craig Jennion said.

“[These figures] indicate that is currently not the case locally.

“Whilst there is significant variation in residential building conditions across the Hunter, the most positive news has been the strong overall performance of the sector in the past three months.

“This high approvals pipeline, combined with very low lending rates and strong business and consumer confidence should ensure that over the near term the residential construction sector continues to remain buoyant.”