Western Australia tops construction scorecard

By the resi financial blog team, 02 December 2013

Western Australia tops construction scorecard

If you're considering taking out a home loan for the construction of your own home in Western Australia, now could be the perfect time to get serious about it, as the latest Housing Industry Association (HIA) report has highlighted the strength of the state's residential market.

The latest Housing Scorecard has ranked Western Australia as the top region for residential housing development in the country, which HIA Chief Economist Harley Dale said was a fantastic result for the state.

He mentioned the strong conditions were responsible for putting the state back on track for the first time in five years, with no signs of slowing down.

"Conditions in Western Australia’s residential building industry are currently the strongest in the country," Mr Dale said in a November 26 statement.

"Mining investment and strong population growth have seen WA's economy growing quickly, but until recently residential building had been stuck in the slow lane."

Furthermore, the runner up was the Australian Capital Territory, followed by Victoria. [break] Fourth place went to the Northern Territory, while fifth went to New South Wales. Mr Dale said that New South Wales had undergone some impressive growth in the last period.

However, it wasn't enough to warrant a higher rank. He did encourage the "positive momentum" in the region, which could germinate into something much stronger in the near future.

Tasmania came in last place for the fourth quarter in a row. While it had been one of the stronger states prior to the Global Financial Crisis, the state has suffered from a "marked deterioration" since then, according to Mr Dale.

If you're interested in taking out an investment or construction loan in the coming months, these results highlight Western Australia as the best state for strong residential housing.

Categories: Home Loans