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{{propApi.successMessage}} {{region}} Change locationSustained recovery in house approvals in Western Australia
Sustained recovery in house approvals in Western Australia
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The Australian Bureau of Statistics today released its monthly building approvals data for May 2024 for detached houses and multi-units covering all states and territories.
“Detached home building approvals increased by 5.3 per cent in the month of May in Western Australia, with significant interest continuing in Baldivis, Byford and Yanchep” added Mr McGowan.
“The demand for new housing is certainly positive but also reflective of the housing challenges that the state is currently facing.
“Low rental vacancies and an increase in the established house prices are driving owner-occupiers, and we are still seeing strong investor interest from the East Coast.
“There is also a growing confidence that the delays and interest rate rises we have seen in the last three years have stabilised.
“The focus of Government and industry must continue to be on factors that improve the supply of housing. Skilled labour, de-constraining land, and limiting the volume of regulation coming at the industry will see an increase in the industry to supply housing while maintaining affordability.
“Multi-unit approvals in the three months to May 2024 are up by 65.1 per cent compared to the same period in the previous year.
“Skilled workers coming into the industry will see these approvals turn into real homes,” concluded Mr McGowan.
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HIA welcomes changes providing confidence for home building
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