Western Australian property prospects grow in 2014
The prospects of buying a house in Western Australia have been given a massive boost following the release of the latest Housing Industry Forecasting Group (HIFG) report, which details expectations of strong housing growth in the state into the new year.
The HIFG's October report has highlighted the large increase in housing construction over the last year, with this strength projected to continue into 2014 - offering property investors and owner occupiers alike the chance to secure property.
The HIFG is a joint operation between the Western Australian government and a number of private sector experts, including individuals from the Housing Industry Association, Urban Development Institute, Master Builders Australia and the Real Estate Institute of Western Australia.
Planning Minister John Day welcomed the report, stating new residential construction levels were relatively steady during 2013, which was good news for the local economy, as well as employment and resident housing.
"The report reveals a 34 per cent increase in the number of residential dwelling starts compared to last year; with 24,010 new homes starting construction in 2012-13," said Mr Day in a November 7 statement.
"The HIFG's reports have been very useful tools for the State and local governments and the housing industry, bringing together data on lot and dwelling construction, the real estate market and the private rental market."
He praised changes to the planning reform agenda in the state, which allowed for more land to be made available for housing construction as well as offering diversification of dwelling options.
"The planning approvals process plays an important role in bringing land to market and current data shows there is enough land zoned for residential development for more than 20 years," said Mr Day.
According to the report, dwelling approvals for the three months leading up to August 2013 experienced a 27 per cent growth over the previous year, with 7,081 new approvals pushed through the system.
Furthermore, the falling home loan interest rates experienced over the year has contributed to an increasing confidence in the real estate market, with more buyers feeling comfortable committing to housing finances.
Regardless of whether you're a first home buyer or interested in purchasing investment property, the conditions in Western Australia seem to be presenting a fantastic real estate opportunity for the acquisition of homes in the state.