There’s good news for consumers and home builders in Western Australia – a period of sustained activity ahead. The Housing Industry Association (HIA) released its Summer 2015 edition of the Western Australian Outlook on February 23, and it bodes well for the industry and those looking at custom home designs.
According to the Outlook, new dwelling commencements in WA are set to increase for the third year in a row, achieving a 2 per cent growth in 2014/15. The total number of new home starts expected is 29,853, which would make it the highest financial year on record for WA.
“With 2014 likely to see the new home building cycle peaking at an all-time high, the outlook for the state’s new home building remains positive,” said John Gelavis, HIA executive director, Western Australia.
However, even with this standout performance in residential construction, renovation activity has languished over the past few years. This shows an increasing trend for customers to favour newly-built, luxury homes, over improving their current dwellings.
It seems that the days of tightening our belts are behind us, and that confidence has again returned to the market since the troubled economic times of a few years ago.
In a February 3 statement Mr Gelavis noted that building approvals had reached a record high in the 2014 calendar year – a big factor in the current success of the construction sector.
“Approvals in WA have been rising for more than two years, having recovered very strongly from the weak days in and around the GFC, particularly the second round that took place in 2011 and 2012,” said Mr Gelavis.
“Approvals in 2014 were nearly 70 per cent higher than the trough reached in the year to May 2012.”
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