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Ms Hart said the release of the latest HIA Economic and Industry Outlook Report showed a high level of confidence in WA’s new home building sector.
“COVID marked a significant structural shift in the WA housing market with the home building grants acting as a green light for consumer confidence after several years of depressed activity,” said Ms Hart.
“HIA’s latest forecast for new home building in WA points to activity being above pre-COVID levels over the next three years.
“WA has recorded 79.6 per cent growth over 2020, with 23,840 expected starts in 2021 and then a further 20,220 starts forecast for 2022.
“The state has benefited from an inflow of residents from other states with more people choosing WA as their preferred destination to live and work during the pandemic - a contrast to the high number of residents who left for the east coast after the previous mining boom.
“Today’s strong forecast is positive in terms of increasing the supply of housing stock but comes as the home building sector continues to grapple with the ongoing challenges of shortages of labour, land and materials.
“The impact of this means that the time it takes to complete the build of a new home is now the longest it has been in ten years.
“We expect this will moderate throughout 2022 as global supply chains efficiency improves and borders begin to open.”
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.