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“Detached house approvals in Western Australia decreased by 2.8 per cent in the month of June, while multi-unit approvals have almost tripled (+198.3 per cent) from the near stagnant levels in May 2023, providing a total increase of 8.7per cent” said HIA WA Executive Director Michael McGowan.
“On a quarterly basis, this leaves detached house approvals in Western Australia 23.4 per cent lower than in the June Quarter 2022, while multi-units were down by 74.2 per cent.”
“These results show the impact of the RBA’s continual interest rate hikes are flowing through the market right at a time when our priority should be on increasing the supply of housing,” said Mr McGowan.
“We are starting to see a reduction in the pipeline of work as houses on site are completed, and while the shortage of skilled labour is still an issue, there is now capacity coming into the industry at the front end of the construction process.”
“Now is the time we need government at all levels to support the crucial delivery of housing supply by easing the way for delivery and not imposing any additional fiscal or regulatory hurdles,” concluded Mr McGowan.
The Victorian Premier, Jacinta Allan, has today announced a new Cabinet following the announcement earlier this week that several long-time MPs will retire from the Ministry and the Parliament at the end of the year.
The Housing Industry Association (HIA) congratulates Nick Staikos on his appointment as the new Victorian Minister for Housing and Building and suggests he gets an early win on the board by immediately announcing a delay to the implementation of National Construction Code (NCC) changes due to commence on 1 May 2026.
The Housing Industry Association (HIA) has welcomed the Queensland Productivity Commission’s inquiry into federal environmental laws which have significant ramifications for the housing sector.
“New home sales increased by 17.0 per cent in the month of March despite the rise in the cash rate and fuel prices,” stated HIA Chief Economist Tim Reardon.