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{{propApi.successMessage}} {{region}} Change locationWA continues to see recovery in new home sales
WA continues to see recovery in new home sales
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“Western Australia looks to be sustaining a strong recovery in new home sales with 46 per cent growth in the three months to May 2023 compared to the preceding quarter,” stated Michael McGowan HIA Executive Director WA.
“Compared to the same quarter the previous year, new home sales in Western Australia are up by 19.4 per cent.
“The positive news comes on the back of this week’s migration data which showed 38,000 overseas arrivals and over 10,000 interstate arrivals chose to make Western Australia their home over the last 12 months. This has added to demand for new housing in defiance of the Reserve Bank’s interest rate increases over the last year.
“HIA members are reporting that there continues to be strong interest from investors looking to take advantage of record low vacancy rates and a positive economic outlook in Western Australia when compared to the East Coast.
“Despite the positive outlook It is important that we do no harm to our housing market and avoid the introduction of regulations or changes that negatively affect affordability. Remaining attractive to investors is as important part of increasing housing supply and diversity.
“Currently Western Australia has over 27,000 dwellings under construction across the state. The housing challenges are well documented, and we need to continue to see this positive trend in new homes entering the pipeline,” concluded Mr McGowan.
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Home building materials prices still slower than CPI
“Home building materials have continued to experience only modest cost increases, up by 1.6 per cent in the 2024/25 financial year,” stated HIA Senior Economist, Maurice Tapang.
Productivity Commission backs HIA calls for major regulation overhaul
“Today’s interim report from the Productivity Commission overwhelmingly backs what HIA has long been saying - that the regulatory burden on businesses is getting worse in this country and there is need for a major overhaul on the approach to regulation,” said HIA Managing Director, Jocelyn Martin.
HIA welcomes key findings of interim Productivity Commission’s report
“The Housing Industry Association (HIA) welcomes the release of the Queensland Productivity Commission’s interim report into construction productivity It is a significant and necessary step toward overcoming the housing supply challenges facing Queensland,” said Michael Roberts, HIA Executive Director Queensland.
Building approvals pick up 2024/25
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.