Western Australia is expected to see a substantial increase in residential construction activity next year, thanks to support measures to boost housing, according to the latest Housing Market forecast Industry Association (HIA).
The positive outlook for state residential construction is due to the expected impacts of home building and construction bonus programs. Based on HIA projections, the state is expected to register 18,209 housing starts for fiscal year 2020-2021.
In fiscal year 2019-2020, housing starts fell to an all-time low of 13,454, reflecting the bottom of the cycle. Cath Hart, executive director of WA at HIA, said this drop indicates the initial impact of the slowdown due to stopping COVID-19.
"It's great to see WA's new homebuilding market pick up again given the challenges of 2020. This latest data shows that with the combination of the Federal HomeBuilder Program and the Building Bonus from WA, the state is on track for a sustained increase in activity in 2021 and beyond, "she said.
Hart said that extending the start-up times for the Building Bonus and HomeBuilder programs has given the forecast a boost because builders and traders have a more consistent and sustainable workflow.
"The subsequent impact of the stimulus measures as part of WA's economic recovery has been exceptional, and we expect WA's share of national housing starts to increase from around 8 % to 12% in the coming year, ”Hart said.
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