WA Housing Minister Peter Tinley officially launched the Housing Industry Forecasting Group’s (HIFG) 2017-18 Report on 30 November 2017 at a function at the Hyatt Regency Perth.
The high profile event was a unique gathering of key stakeholders from State Government agencies, universities, and the private sector.
The Group is a joint industry and government body which was formed to provide independent forecasts and commentary on the housing sector in WA.
The Group forecasts green shoots emerging for the housing industry, however high levels of stock in the established purchase and rental markets will take some time to be absorbed, impacting on demand in the new build market.
HIFG Chair, Dr Steven Rowley was hopeful about recent activity in the sector but remained pragmatic about the future.
“There has been a recent pick-up in housing finance commitments and building approvals, which are leading indicators of activity, and further signs have emerged that the WA economy may have reached its trough.
“The lack of diversity in Perth housing stock remains a challenge and members report that there is unmet demand for medium-density housing,” Dr Rowley said.
The Group noted that housing affordability continues to be a significant issue for WA households on low incomes despite soft house prices and declining rents.
Minister Tinley said the McGowan Government remained committed to improving housing affordability for low to moderate income households.
“The HIFG is a great example of industry and government collaboration, and we will continue to work with the broader housing industry to improve the lives of Western Australians,” he said.