Western Australia housing recovery on the horizon
Confidence is returning to the Western Australian residential property sector, with a recent report pointing to a recovery in new home construction.
The Housing Industry Forecasting Group's (HIFG) October report, launched by state housing minister Terry Redman yesterday (October 31), showed consumer sentiment is growing, leading to an increase in housing activity in WA.
"I am pleased to see in the October report that the HIFG is expecting a 20 per cent increase in new house construction in 2012-13," Mr Redman explained.
"HIFG reports are an essential tool for the state government, local governments and the housing industry, bringing together data on construction, the real estate market, private rental market and housing affordability."
The increase in new home construction is more than likely a reflection of improving economic conditions, with low interest rates and strengthening real estate trends across the state bolstering activity in the sector.
While the latest results are encouraging, Mr Redman said affordable accommodation still remained a key issue facing West Australians.
The Affordable Housing Strategy is just one tactic the state government is taking to address the issue, delivering more than 6,000 homes, with an additional 14,000 in the pipeline by 2020.