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Planning Minister Rita Saffioti and Lands Minister John Carey announced today that the Government has identified a number of sites in metropolitan and regional areas and are seeking expressions of interest from industry regarding development opportunities.
Proposals must set aside 1-in-5 apartments for social, affordable or community housing.
HIA WA Executive Director Cath Hart welcomed the announcement.
“HIA welcomes this initiative to boost social and affordable housing in Western Australia and to ensure an ongoing pipeline of work for the state’s residential construction sector,” Ms Hart said.
“Unlocking ‘lazy land’ for housing aligns with the WA Housing Strategy 2020-2030 and will provide a much-needed boost to WA’s housing stock.
“Projects in the HDP are also likely to be under construction in a few years time and so will also help to provide a soft-landing for WA’s residential construction sector after the high-volume of grant-related work is completed.
“One of the biggest lessons out of the past decade of historic lows and historic highs is the importance of ensuring WA’s dwelling commencements are maintained around the long-term average of 22,000 starts a year - a healthy pipeline of projects ensures there’s enough work to keep training and businesses viable.”
“The cycle of ongoing growth in new home sales was broken in July, with a 6.4 per cent fall compared to June,” stated HIA Senior Economist, Maurice Tapang.
“If the Economic Reform Roundtable is serious about developing meaningful and lasting change to boost productivity and the economy, then the number one priority must be on cutting the excessive regulation that is crippling businesses,” said HIA Managing Director, Jocelyn Martin.
“Investors were responsible for 41 per cent of new homes financed for construction in the past year,” stated HIA’s Chief Economist, Tim Reardon.
“The RBA delivered the third rate cut of this easing cycle, bringing their benchmark cash rate down from 3.85 per cent to 3.6 per cent,” stated HIA Senior Economist Tom Devitt.