HIA: housing industry set to experience recovery in foreseeable future
The housing and construction industry has begun to experience an upturn, and is forecast to continue experiencing this well into the new year - which could be fantastic news for anyone considering building their own double storey house in the near future.
The latest WA State Outlook from the Housing Industry Association (HIA) has highlighted the trend, with WA currently experiencing a strong recovery which is expected to continue into the foreseeable future.
Acting Executive Director of the HIA John Gelavis said that a strong economy and sustained population growth were contributing factors to the recent upturn of the housing market.
"Recent changes to the First Home Owner Grant regime and the record low level of interest rates underpin these strong projections," said Mr Gelavis in an August 13 statement.
The number of new housing starts during 2012 reached 20,192 in WA - an increase of 2.1 per cent. The HIA is expecting a growth of 19 per cent during 2013, with the total number of dwelling starts in 2014 to reach a high 23,600.
Mr Gelavis went on to state that one of the biggest concerns for the HIA at the moment was that there may not be enough land supply available to meet strong demand in the state.
Furthermore, the state has revised the First Home Owners Grant, increasing the amount awarded for the purchase and construction of new homes from $7,000 up to $10,000.
The change comes into effect on September 15, as a part of the State Housing Supply Package, and is aimed at further stimulating new housing construction and the WA economy as a whole.
Now could be the perfect opportunity for anyone considering new home building in WA to get in contact with apg homes.