WA to set residential building record

WA Thriving

According to the Housing Industry Association’s (HIA) most recent report, WA topped the list of all states for new residential building statistics. There are many indicators used by the HIA in analysing the results, including detached house building and multi-unit dwelling building, in which WA has thrived in recent times.

According to HIA economist Geordan Murray, all the signs are there to suggest that WA will break it’s annul record for new homes built. Initial estimates indicate that there will be around 30,000 new residences built. The actual figures will be released in the April 2015 report.

WA also ranks strongest in the nation for the number of approvals for multi-unit dwellings. According to Mr Murray, this indicates that there are no signs that multi-unit dwelling buildings will reduce anytime soon.

Mr Murray said that this sustained growth in his opinion would keep housing prices in WA high throughout 2015, but a decrease in this growth rate would occur. 

The most surprising results of the statistics was the fact that the Northern Territory was second behind WA for residential building, in front of New South Wales and Victoria.  

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To find out your borrowing power before committing to a building contract, please give Nathan or Steve a call today on (08) 6144 3230. You can also send an email to nathan.sims@mortgagechoice.com.au 

Posted in: Property market

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