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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 following comments can be HIA’s Chief Economist, Tim Reardon in relation to the APRA announcement to limit lending.
“The Housing Industry Association (HIA) is pleased to see progress on the long-awaited and much debated EPBC Act reforms, though the final details on the new laws and how they will be implemented now become critically important,” HIA Managing Director Jocelyn Martin said today.
The Victorian Government has just announced changes to the method of calculating the cost of building work for building permit applications. The changes aim to ensure that the building permit levy is only charged for actual building work.
Members are being asked by HIA to provide feedback on industry conditions and outlook in the 2026 HIA Small Business Conditions survey.