Thursday 13 April 2023
MEDIA RELEASE
Housing supply, affordability major concerns as slowdown in work predicted
A slowdown in forward work schedule expectations is predicted for West Australia, despite over 50 per cent of WA respondents identifying housing supply and affordability as being the greatest challenge for state government.
Similarly, 41 per cent of respondents considered housing supply and affordability as the greatest challenge for the federal government.
The survey of Property Council members found forward work schedule expectations had declined by 10.8 points with overall property industry confidence declining from 128 points to 124 points. A score of 100 in the Confidence Index is considered neutral.
Property Council WA Executive Director Sandra Brewer said market constraints including labour availability and material supply continue to hamper new development, despite overwhelming demand for new residential supply.
“Positively, the development pipeline in WA is strong across a range of sectors. The challenge is building additional capacity in the market so that builders can confidently take on more projects,” Ms Brewer said.
“The impacts of COVID-19 are still being felt across industry, and worker attraction remains critical to WA meeting the demands of the project pipeline.
“Recent changes by the state government to improve planning efficiency through headworks funding and Development Assessment Panel reform have been welcomed by industry. However, the same lateral thinking is needed by the federal government to elevate businesses opportunities to meet workforce demands.
“Increasing residential construction commencements is vital to easing pressures on the housing market and increase the state’s ability to attract and retain talent.
“We know housing affordability and the sufficient supply of rental accommodation is critical to attracting the population and talent needed to continue WA’s economic growth.
“It is only through a combined commitment to meeting WA’s housing target that we can attract the workforce needed to maintain the states position as a growing economic powerhouse,” Ms Brewer concluded.
ENDS
Media contact: Megan Lack | 0449 252 380 | [email protected]