REIWA welcomes the housing supply and affordability measures outlined by Premier and Treasurer Mark McGowan in today’s 2022-23 WA Budget announcement.
The 2022-23 WA Budget revealed a budget surplus of $5.7 billion for this financial year, and a surplus of $1.6 billion for next year.
REIWA President Damian Collins said the positive outlook for the WA economy would see the current strong cycle for WA’s housing market continue.
“Today’s budget forecasts ongoing growth and strength in the WA economy as we continue to adjust to post-pandemic life.
“We expect that this strength and the forecast 1.2 per cent increase in population will continue to underpin further growth of WA’s residential sales market.
“As such, we are maintaining our forecast of 10 per cent price growth for WA’s residential property market for this calendar year.
“The measures announced today also acknowledged the critical role of incentivising the private sector to deliver additional housing supply, both through new construction and innovative investment models,” Mr Collins said.
Off-the-Plan Rebate Scheme and Keystart loan program
The targeted measures included expanding the Off-the-Plan Rebate Scheme and Keystart loan program and incentivising the construction of build-to-rent properties.
Mr Collins said REIWA looked forward to engaging with the WA Government to develop the details of the various schemes to address housing supply shortages.
“Our data clearly supports the Premier’s view that housing supply is tight – sales activity remains at our best levels since 2014, while listings for sale have dropped to their lowest levels in over a decade.
“The rental shortage also remains a significant challenge for WA, with vacancy rates across the state at or near record lows.
“The measures announced today will help, however we expect it will take some time to work through the supply challenges the WA market faces,” Mr Collins said.
WA housing supply needs a boost
The Premier used his Budget Speech to highlight the need to boost housing supply in WA.
“There is considerable demand for housing right across our state, and indeed the nation,” Mr McGowan said.
“By thinking outside the box, we can assist in boosting our housing supply and housing choice to ensure more Western Australians have an affordable roof over their head.”