
In a significant move aimed at addressing the well-reported housing supply challenges in WA, Deputy Premier and Treasurer, The Hon. Rita Saffioti MLA, today unveiled the establishment of a dedicated Housing Supply Unit within Treasury at a Property Council WA breakfast.
In making the announcement the Treasurer pointed to the state’s rental vacancy rate, which continues to sit at record lows, falling in September to 0.7 per cent, and the urgent need to address the constrained conditions in the rental market.
This newly announced unit is poised to play a pivotal role in producing economic forecasts for Western Australia and formulating market-driven housing policies.
The unit will collaborate closely with the residential building industry and the property development sector to identify specific barriers to increasing housing supply.
It will also work with other agencies and government trading enterprises, such as Western Power and Water Corporation, to address these barriers.
With a focus on delivery across the spectrum of housing, the unit will drive a mandate to unlock land for development; identify and slash red tape; and spearhead WA’s attempts to secure a generous slice of the funding available through the Albanese Government’s $10 billion Housing Australia Future Fund.
At the breakfast on Tuesday the Treasurer underscored the historic significance of establishing a dedicated housing unit, stating “this is the first time we have established a dedicated housing unit within the Department of Treasury, highlighting how important this issue is to our government.”
WA Executive Director Sandra Brewer highlighted the contribution of the Property Council WA to this outcome, having consistently championed the need for a rigorous analysis of policy decisions to ensure that their outcomes don’t lead to unintended consequences, which could further restrict new housing supply.
“With a fast-growing population and well-publicised constraints in construction, it is more important than ever to ensure that economic and fiscal settings facilitate housing supply,” Ms Brewer said.
“The residential property industry has continuously advocated for a greater focus on the impact of government policies on housing supply, prioritising housing affordability and to smooth the pipeline of private and public housing investment across economic cycles.
“With the Commonwealth Government poised to incentivise governments that deliver housing supply, this new unit positions Western Australia to get our fair share of national housing targets,” she said.
The creation of the unit follows the Cook Governments’ announcement last week that apartments valued at $650,000 or less that are under construction would receive a 75 per cent stamp duty discount, extending the stamp duty concession already applied to apartments bought off-the-plan.