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{{propApi.successMessage}} {{region}} Change locationUnique opportunity for WA to push ahead
Unique opportunity for WA to push ahead
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“Across Australia, interest rate increases are set to keep pushing down detached house commencements to their lowest levels in over a decade. However, in WA, we may have already reached our trough and started the recovery phase,” said Mr McGowan.
HIA released its Economic and Industry Outlook Report today. The report includes updated forecasts for new home building and renovations activity nationally and for each of the eight states and territories.
“While detached house commencements declined by 18.8 per cent in the first quarter of 2023 to 3,110 (down by 52.2 per cent from the peak in 2021), a recovery is expected in the second half of the year from an anticipated low of 3,020, rising to more than 4,000 per quarter again by early 2025,” added Mr McGowan.
“We have been working through a significant pipeline of home building accumulated during the pandemic. WA has especially been impacted by the availability of materials and the continued shortage of skilled labour. This has obscured the impact of the RBA’s interest rate increases over the last year, with home building sustaining employment levels across the broader economy.
“There is still an overwhelming demand for housing stemming from the severe undersupply pre-pandemic, the increased desire for space and amenity derived from the pandemic, and the return of interstate and overseas migrants and students,” he said.
“The continued low rental vacancy rates in Perth and sustained high dwelling prices, will help continue to bring investment back, pulling the market forward ahead of the rest of the nation.
“Achieving an increase in higher density multi-residential units, will also be critical to boost housing stock, especially as land constraints become more binding in the coming years,” Mr McGowan added.
“Multi-unit commencements for the quarter have dropped 46.3 per cent to 310, the second lowest on record since 1984.
“A sustained recovery is expected over the next four years but will require significant relief in construction costs and labour constraints before many of these projects become viable,” Mr McGowan said.
“The Government’s recent announcements to simplify stamp duty support for off-the-plan purchases and expand exemptions for foreign buyers will assist the recovery but further support is needed for these projects to be affordable for both consumers and developers.
“HIA welcome these announcements that can help drive housing supply. We look forward to continued policy decisions being made through the lens of affordability and supply to help ease the regulatory and financial imposts on housing delivery,” concluded Mr McGowan.
HIA Forecast - WA
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RBA misses opportunity
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