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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.
Interested in obtaining your commercial building licence? You may benefit from recent changes to the experience requirements.
As we head into the Easter and ANZAC long weekends, the team at HIA wishes you a safe, relaxing, and well-deserved break with your loved ones.
“The Housing Industry Association (HIA) welcomes today’s announcement by the Coalition to commit $260 million to build a new national network of Australian Technical Colleges to target boosting our industry’s critical trade shortages,” said HIA Managing Director, Jocelyn Martin.
“A key reason why the cost of government fees, charges and taxes has increased by $160,000 over the past five years, is the increased time it takes to gain approval to turn farmland into a residential suburb,” stated HIA’s Chief Economist, Tim Reardon.