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State of Markets – WA February 2012

By Phillip Tarrant

Essential information, plus expert insight on what is shaping the national property market...

WESTERN AUSTRALIA

Building approvals rise in WA only
Western Australia was the only state to report a rise in building approvals in October 2011, according to new data.

Despite widespread slumps in building approvals – to their lowest levels since March 2009 – WA saw a 2.1 per cent increase, according to the Australian Bureau of Statistics.

Total seasonally adjusted building approvals fell nationwide by 10.7 per cent.

Approvals for other dwellings slumped by 16.7 per cent to their lowest level since October 2009.

“Building approvals over the three months to October 2011 are implying a level of housing starts at around 138,000 at best, lower than the level reached in calendar year 2009 and only 6,500 higher than the trough hit in financial year 2008/2009,” HIA chief economist Harley Dale said.

Seasonally adjusted approvals dropped in NSW (0.4 per cent), Victoria (18 per cent), Queensland (19.5 per cent), SA (3.3 per cent), and Tasmania (12.9 per cent).

Inner city dwelling stress
Almost one person in five living in the suburbs around Perth is under housing stress, with the Kwinana local government area topping the list, according to new data.

Mosman Park, Perth, Victoria Park and Mandurah made up the other top five struggling suburbs, each with 17 per cent of overall housing stress after Kwinana (20 per cent), Australians for Affordable Housing (AAH) statistics revealed.

Rental stress was found to be highest in Mandura and Armadale, with 40 per cent and 42 per cent of people respectively currently suffering.

“The high cost of housing in Perth is not new, but these figures show where the pain is being felt,” said AAH campaign manager Sarah Toohey.

The suburb analysis was conducted by Canberra University using 2006 census data and 2011 wage and home price data.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%