Western Australia is number one
Western Australia has been rated the number one state in the Housing Industry Association's (HIA) Housing Scorecard report for its residential building sector.
The report is released bi-annually, with WA retaining its first-place position. Those contemplating building a new home in Perth or its outskirts may be encouraged by the West's promising performance.
"WA has once again topped the rankings, remaining the strongest residential building market in the country, ahead of New South Wales," Harley Dale, chief economist for the HIA, noted in a July 13 statement.
WA and NSW have gunned ahead of Australia's other states and territories, Mr Dale continued.
Despite market momentum dropping slightly, WA retained its number one rank, with a score of 82 points. This is ahead of NSW (77 points), the ACT (69 points), Victoria (68 points), the Northern Territory (68 points), South Australia (54 points), Queensland (50 points) and Tasmania (36 points).
Perth residents considering building projects - whether they're checking out single or double storey house plans - will be pleased by WA's powerful residential property performance.
The Housing Scorecard "benchmarks the contemporary performance of 14 key indicators of activity in residential building against long term averages in each state and territory", according to the HIA.
From this, the industry commentator is able to produce a league table that ranks the relative strengths and weaknesses of the nations states and territories.
Dwelling prices in the WA capital increased 5.24 per cent year-on-year to June 30 2014, according to the RP Data-Rismark Monthly Home Value Index.
In the month to June, prices lifted 1.20 per cent. In more specific terms, house prices rose 1.06 per cent month-on-month to the end of June.
Perth's annual dwelling price growth is not as rampant as the likes of Sydney, which posted an arguably unsustainable 15.45 per cent growth over the same period.