Investment options in Western Australia as construction confidence soars

By the resi financial blog team, 25 November 2013

Western Australia as construction confidence soars

If you're looking into housing hotspots for your next real estate investment, now could be a great time to investigate the options available in Western Australia.

A recent report released by the Housing Industry Forecasting Group (HIFG) has forecasted the state's housing construction strength to carry on into 2014, highlighting a great opportunity for first home buyers and investors alike.

There are a number of experts in the HIFG, which is a joint effort between the government and private sector industry bodies. These are made up of many of the organisations that overlook real estate in the country, including construction and rental properties.

According to the October 2013 report, the residential market in Western Australia rebounded during 2012/13, with the commencement of 24,010 dwellings across the state - an increase of 34 per cent over the previous period.

Furthermore, the number of approvals for the three months leading up to August were up by 27 per cent, recording 7,081 granted approvals during this period.

Planning Minister John Day said the report highlighted the residential construction levels were expected to remain relatively steady, which is good news for the industry due to the its benefits as an "economic driver and employment generator".

He went on to say the government's strong reforms to the planning agenda were one of the key reasons for this increasing confidence in the market, which were responsible for making land available for as well as diversifying housing options.

"The planning approvals process plays an important role in bringing land to market and current data shows there is enough land zoned for residential development for more than 20 years," said Mr Day in a November 7 statement.

Categories: Home Loans, Property Investment