Perth Housing Boom Persists
Key Questions
What housing initiatives are included in the WA State Budget?
The budget reinforces $2 billion for 34,000 homes, $48 million for prefab manufacturing facilities, and $13.1 million for tradie visas to boost construction. Rio Tinto is also contributing $100 million for regional homes. These measures aim to address the housing shortage amid rising demand.
How have Perth house prices changed recently?
Perth median house prices have risen 12.3% year-on-year to $1.11 million according to ANZ, with a 2.1% month-on-month increase adding $21,000. This surge contributes to rising mortgage stress.
What is the current state of Perth's rental market?
Rents have increased 10% to $747 per week, with vacancy rates at 0.5%. This tight market exacerbates housing affordability issues.
How is the WA government supporting advanced manufacturing for housing?
The government is investing $48 million in advanced manufacturing facilities to boost housing supply and construction productivity. This initiative is part of broader budget efforts to tackle the housing crisis.
What workforce measures are in place for WA's construction sector?
$13.1 million is allocated to boost the construction workforce, including extending the Construction Visa Subsidy Program. This addresses shortages amid the housing boom.
Budget reinforces $2B/34k homes, $48M prefab, $13.1M tradie visas, Rio $100M regional homes amid +2.1% MoM $21k jumps, ANZ $1.11M med +12.3% YoY, rents +10% $747/wk, 0.5% vacancy, rising mortgage stress.