Tuesday 22 August, 2023
Property leaders hit the road to tackle housing supply
The South West region is experiencing its strongest period of growth in more than ten years, with conditions likely to be maintained over the years ahead.
The impacts of a surging market are being strongly felt in the community, with increased pressure on government to facilitate more housing in the region, and housing supply constraints negatively impacting renters.
To ensure regional voices are represented in the housing debate, prominent industry leaders Sandra Brewer (Property Council of Australia), Tanya Steinbeck (Urban Development Institute of Australia) and Cath Hart (Real Estate Institute of Western Australia) will join forces to engage on the important issues of housing, development and regional planning.
Property Council WA Executive Director Sandra Brewer said the roadshow would bring together the collective expertise of the state’s leading industry organisations to better understand the local market and what is needed to improve the delivery of housing.
“The South West region is not immune to the challenges in meeting housing supply, with the statewide impact of labour shortages and rising construction costs contributing to a lack of new housing,” Ms Brewer said.
“Across the region, businesses have seen strong growth, and positive economic activity has resulted in increased demand for workers. Unfortunately, residential development hasn’t kept pace and as a result we have seen a concerning shortage of housing.
“Without a robust pipeline of homes for workers, the future prosperity of the region is being held back. Our intention is to work with the local industry and community to understand what is needed to support more well-planned developments that meet the region’s future aspirations,” Ms Brewer concluded.
Urban Development Institute of Australia WA (UDIA WA) CEO Tanya Steinbeck said there was clear evidence to suggest a shortfall of approximately 20,000 dwellings statewide between 2023-2026.
“Based on projected household formation compared with annual dwelling supply, there is a cumulative shortfall of around 20,000 dwellings statewide over the next three years,” Ms Steinbeck said.
“While Perth will bear the brunt of that shortfall, the regions are not immune with around 5000 of those dwellings needed in the regions.
“If we don’t find a way to get more stock into the development-ready pipeline and out to market, the housing crisis is only set to deepen.” Ms Steinbeck concluded.
Real Estate Institute of WA CEO Cath Hart said supply was the biggest challenge facing the market.
“WA has a dire need for more housing, for both homeowners and tenants,” Ms Hart said.
“WAs population is growing strongly, up 2.3 per cent in the year to December 2022, and forecast to grow another 1.8 per cent and 1.7 per cent in 2023-24 and 2024-25 respectively. These people will need housing and the established homes market simply cannot meet this demand.
“The big lesson out of the past decade is how important it is that WA maintains its long-term average of 22,000 new home builds per year to ensure a pipeline of supply.
“We have seen the outcome the shortfall over the past few years has had on the property market. House prices and rents are at record highs in many regional centres, homes are selling quickly, and vacancy rates are at record lows.
A steady supply of new homes is critical to maintaining a balanced residential property market,” Ms Hart concluded.
- The event ‘Property & Development Roadshow, Unpacking Housing, Development and Planning Challenges and Opportunities in the South West’ will take place on Tuesday 22nd August at Abbey Beach Resort, Busselton.
- Panelists speakers are Sandra Brewer (Property Council of Australia), Tanya Steinbeck (Urban Development Institute of Australia) and Cath Hart (Real Estate Institute of Western Australia)
- Topics to be covered will include;
- State of the rental market, sales statistics and current trends in the South West
- Latest information on the Residential Tenancies Act and addressing the current rental crisis
- Tracking residential land supply & opportunities for a development ready pipeline to address shortages in the region
- National housing policy, taxation and local planning policies impacting on housing delivery and potential solutions.
Media contact: Megan Lack | 0449 252 380 | [email protected]