Record Year for WA Property Market With Over 32,000 New Homes
2014 was a record year for the WA Property market, according to the Property Council of Australia.
Perth, Western Australia – The number of new homes approved in 2014 was the highest on record, breaking the 200,000 mark for the first time, according to the December Building Approvals figures released by the ABS today.
Western Australia was a major contributor in the achievement of this national record, which will translate into more jobs and increased economic activity for the state.
“Western Australia has excelled to achieve significant growth in the number of building approvals, supported by residential investment,” said Joe Lenzo, the Property Council of Australia’s Western Australian Executive Director.
“In our state 2,786 dwellings were approved in December – part of the 32,162 homes approved for the full year ending December 2014.
This continues to shore up the pipeline for national residential activity and promotes confidence in the industry.
“The figures show Western Australia recorded a 52 per cent increase in approvals compared to 2012 levels which equates to an additional 11,000 building approvals coming through in 2014.
Despite the reasonable pipeline, we urge Government to use this opportunity to improve the state’s infrastructure base to ensure liveability standards don’t fall.
“Western Australia needs a strong infrastructure investment strategy which maximises every development opportunity.
“Not only Western Australian, but national gains can be achieved for jobs, community prosperity and housing affordability when the residential development industry is at its best,” said Mr Lenzo.
A Record Year for WA Property