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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.
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.