Investors interested in the Western Australian market may find there is greater choice when it comes to selecting real estate in Bunbury, as figures show the state's construction activity is on the rise.
Commenting on July construction approvals data, the Urban Development Institute of Australia (UDIA) emphasised that there are plenty of reasons for optimism at the moment.
Data from the Australian Bureau of Statistics (ABS) showed that out of the 12 months prior to July, dwelling approvals across the state increased for ten of them.
Over the course of this period, approvals saw a 32.1 per cent rise to reach 25,454 dwellings.
UDIA chief executive officer Debra Goostrey highlighted that Perth has been the main driver behind this trend, as large amounts of construction activity are focused around the capital.
She continued: "Approvals in Perth have increased twice as much as regional WA over the last 12 months, with the Pilbara the only regional area showing a solid upswing in dwelling construction
“Within Perth, approvals are up across the board, which is consistent with strong land sales in all the growth corridors over the last 18 months."
ABS figures also revealed that approvals for the construction of new homes reached 27.5 per cent in 2012-13, compared to 1.9 per cent throughout the rest of the country.