After months of canvassing for timeframe extensions to the Building Bonus scheme, property groups have welcomed the state government's decision to extend on-site construction start times.
The state government's new housing strategy aims to aims to deliver a 6 per cent net increase in social housing – adding 2,600 homes to the near 43,000 social homes in WA.
After a surge in new home sales in August, new home sales for Western Australia fell in September, but were still 36.8 per cent higher than the June quarter.
Tight building start times under the state government's housing stimulus grants are leading some builders to cancel jobs and return deposits, according to the Housing Industry Association.
Demand for new houses remained strong in August, particularly in Western Australia, following the relaxation of COVID-19 restrictions in most jurisdictions.
The Housing Industry Association's latest survey has named BGC Housing Group as the largest builder of Western Australian homes, followed by ABN Group.
Western Australia is leading the country in new home sales, up 91.1 per cent in the six months to August, according to the Housing Industry Association.
Housing finance figures released today revealed lending for the construction of a new home across Australia hit the highest level recorded in two years, according to the Housing Industry Association.
Western Australia's civil contractors are feeling the pinch of the government stimulus measures that prompted a surge of new house-and-land sales, with industry calling for timeframe extensions.
The state government has announced changes to the construction commencement criteria of its Building Bonus stimulus package, off the back of a 211 per cent increase in sales in June.
The Housing Industry Association of Australia has forecast a recovery for Western Australia's home building sector over the next 12 months, following a series of stimulus schemes announced by state and federal governments in recent weeks.
A wave of home-building and renovation work is the goal of a $444 million stimulus package unveiled by the state government as it seeks to pull the state economy out of a coronavirus-induced downturn.
The federal government has launched a new $25,000 HomeBuilder grant, to go towards new builds or renovating an existing home, as the state government prepares to announce its own package in coming days.
The state government has introduced a package of planning reform measures that include streamlining approvals for 'significant' developments, with the aim to boost economic recovery.
The Housing Industry Forecast Group (HIFG) has downgraded its estimate on the number of dwellings to be built in Western Australia for the current financial year, with the updated figure almost 20 per cent lower than FY19.
The number of homes being built in Western Australia has fallen by 25.2 per cent since coronavirus-related restrictions were implemented in late March, according to Housing Industry Association (WA), which has predicted the state will be the first to experience a homebuilding downturn.
Real estate agents and new homebuilders have roundly welcomed the lifting of restrictions that shut display villages and prevented home opens, with the shift expected to help the sector rebound from record low transaction levels.
The Reserve Bank of Australia has cut the cash rate to a new record low of 0.5 per cent as it acts to soften the economic impact of the coronavirus, with Australia's "big four" banks each announcing they would pass on the rate cut in full.
The Housing Industry Association is projecting an improvement in Western Australia's home building market by the end of this year, citing an increase in population, building approvals and private house sales as cause for optimism.
Residential land prices are rising faster in Perth than any other capital city, in the latest indication that a recovery in Western Australian property is taking hold.
Property investors believe Perth has the strongest potential for growth of any capital city in Australia during the next three years, according to a new national survey.
New housing finance data is painting a positive picture for Western Australia's residential property sector, with both the value and the number of loans increasing in the last three months of 2019.
Western Australia recorded the largest new home sales growth over the quarter of any Australian state, as the broader housing market begins to show signs of a recovery.
Sumitomo Forestry has taken a controlling stake in Scott Park Group, becoming the first Japan-owned company to enter Western Australia's residential construction market.
P&N Bank and Bendigo and Adelaide Bank are among 27 lenders, including just two of the big four banks, now eligible to offer mortgages under the federal government's first home loan deposit scheme, aimed at low and middle income earners.
Off-the-plan apartment buyers in Western Australia will receive a 75 per cent rebate on stamp duty for the next two years, capped at $50,000, under a stimulus package unveiled by the state government today that has been roundly welcomed by the development industry.
SPECIAL REPORT: Forecasts are finally turning positive for WA residential construction, as the industry continues to evolve its offering in a new era of increased housing diversity.
ABN Group's geographical diversification has cemented it as Western Australia's most prolific homebuilder, while the continuing downturn in residential construction in the state has pushed BGC Australia's residential division down the rankings of the nation's biggest builders.
Western Australia's housing sector has been rated as the least healthy in the nation, however, the Housing Industry Association's twice-yearly Housing Scorecard is starting to indicate the market may be turning.
Australia's annual population growth rate increased to 1.63 per cent in 2018, and while WA's growth rate has improved, it continues to be one of the slowest growing states.
The Housing Industry Forecasting Group has downgraded its forecast for new house builds in Western Australia for this year financial year to a record low, tipping a 13.9 per cent decrease from its previous forecast.
WA BUDGET: Property industry lobby groups have urged the state government to use its more favourable budgetary position to provide more stimulus to the housing sector.
Perth City was the only inner city area to be classed as a building hotspot in Western Australia, with most building approvals occurring in the outer suburbs, according to a Housing Industry Association report.
