Forecasting Dwelling Commencements in Western Australia 2019-2020 (Report)
The Housing Industry Forecasting Group has just released its report about the state of housing demand and construction in WA over the past 12 months or so.
Although some of these will come as a shock to no-one, at a high level some of the key take outs include:
- Final dwelling commencements in WA for 2018/19 was 15,608 – on par with the forecast of 15,500
- Low population growth combined with a glut of existing stock supply has kept future forecasts subdued
- Projected economic and population growth between 2020 and 2022 sees a slight up swing in expected dwelling commencements.
The Property Council has a seat at the Housing Industry Forecast Group and continues to convey the views of our members through the forecasting process. It goes without saying, but the impact of the stamp duty rebate for off-the-plan apartment sales is yet to be seen and hasn’t been taken into account with the ongoing forecasts at this stage.
Thanks to Nick Warland | WA Policy Advisor | Property Council of Australia