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The figures paint a grim picture. In a worrying sign for the beleaguered construction industry, the number of new apprenticeships has fallen sharply, down 17 per cent compared with the same period last year, according to the latest HIA industry report.
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In the past 12 months, 15,500 new dwellings were completed, while the population grew by 94,000. Leading to severe supply shortage For every new home built, there are six new immigrants.
Based on an average household size of 2.5 people, the city had an undersupply of nearly 20,000 homes over the past 12 months.
Australian Bureau of Statistics data released in July showed just over 4200 new dwellings were completed in the March quarter, down from the previous two quarters. To keep pace with WA’s projected population growth of 1.4 per cent per annum, 5750 new dwellings would need to be completed each quarter.
Perth house prices hit a record high of $852,240 last month as growing demand and a lack of supply drove prices higher.
Local real estate agents say the residential real estate market is moving so fast that nearly all sales are No price guide in the adresulting in a selling price tens of thousands of dollars above the reserve price.
Buyers’ agent Peter Gavalas predicts the housing crisis will worsen in the short term because building or renovation costs will surge as construction takes longer.
“In terms of properties on the market, we often see seven to 10 offers on a property and the number of buyers missing out is increasing,” he said.
“When the next suitable property comes up for sale, they will be more motivated because they don’t want to miss out again.
“This will continue to push up prices, especially in the affordable housing market and for buyers who are upgrading their homes.”
First 2024 State of Real Estate Report When West Australians were asked about their experiences buying and selling property, more than 10 per cent admitted they had difficulty finding a home.
InfoTrack’s Property Australia director Lee Bailie said 14 per cent of respondents said finding a property was the biggest challenge, but 21 per cent of buyers were most concerned about house prices.
“In an effort to snap up existing homes, more buyers appear to be forgoing important property inspections and opting to make offers quickly instead,” he said.
“Less than half of respondents (46%) even conduct pest inspections.”
REIWA president Joe White said while it looked like there was a lack of properties on the market, the data told a different story.
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“The number of sales in 2023-24 is already 2 per cent higher than in 2022-23 and this number will increase as more properties remain to be sold,” he said.
“There are still a lot of properties coming onto the market but they are actually flying off the shelves as evidenced by the low days on market.”
While selling a home in less than a week sounds great, White said sellers are faced with finding somewhere to live, whether buying or renting, when active listings remain at historically low levels.
The top-selling suburbs were lower-priced Baldivis, Armadale, Scarborough, Gosnells and Canning Vale, according to REIWA. The median house price was $677,500.
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