04/10/2018 - 15:55

HIA tips WA house building recovery

04/10/2018 - 15:55

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The Housing Industry Australia has forecast an 8.6 per cent increase in WA’s house building starts in 2019 after four years of declining activity, on the back of positive house building and sales numbers.

Private sector detached house approvals declined by 2 per cent in August.

The Housing Industry Australia has forecast an 8.6 per cent increase in Western Australia’s house building starts in 2019 on the back of positive house building and sales numbers.

Private detached house sales in WA defied a national trend to increase by 3.8 per cent in August, following a 2.7 per cent decline in July, according to the Housing Industry Association.

Australian Bureau of Statistics data shows private sector detached house approvals declined by 2 per cent in August, despite an increase of 6 per cent in July.

However, the HIA said it appeared the low point for approvals was in March this year.

The HIA forecast for WA's detached house building starts next year comes after four years of declining activity.

“While this forecast would have seemed optimistic not so long ago, the emerging signals from approvals and sales are starting to affirm our view,” HIA said.

“After suffering through a protracted economic downturn which weighed heavily on the state’s housing sector, there are signs particularly from the ABS approvals and HIA new house sales that a return to growth in new home building is imminent.

Nationally, new home sales declined by 2.9 per cent in August, following a fall of 3.1 per cent in July.

 

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