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Record breaking growth expected in WA over 2014/15

By Kevin Kelly

Western Australia's expansive property market is expected to see more record-breaking growth for the duration of the 2014/15 year. This could be great news for buyers interested in real estate in Bunbury.

According to a recent report from the Housing Industry Forecasting Group (HIFG), the state's property industry could see some superb growth during the 2014/15 year, before slowing down for the foreseeable future. 

The Real Estate Institute of Western Australia's executive manager of research and chair of the HIFG Stewart Darby said dwelling commencements are anticipated to increase by three per cent over last years results, reaching 30,000 statewide. 

"However, with building approvals on a downward trend since October 2014, and home loan commitments, along with a number of other indicators, also on a downward path, dwelling starts are expected to fall to 23,000 in 2015-16," said Mr Darby in a 23 May statement.

"Slowing population growth is already being felt in the established and rental markets and should population growth turn out to be lower than projected, this will impact on housing demand." 

First home buyers interested in taking advantage of the cuts to stamp duty and the Western Australian First Home Owners Grant to build new property as gaps in the market create an opportunity for buyers to invest in a soft market.

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