Construction activity may have thrived across the country for some time now, but what do experts believe lies ahead in 2016 and beyond?
The Housing Industry Association (HIA) has released its State Outlook Report for Western Australia, which identifies some of the challenges the sector is up against. The 2014-15 financial year marked a record level of activity for the state, as new dwelling starts were up 6.6 per cent.
Nevertheless, the HIA is doubtful this momentum will be maintained, which is largely because of weaker conditions in the Western Australian economy.
September approvals data from the Australian Bureau of Statistics showed that on a national basis, the seasonally adjusted number of dwelling approvals was up 21.4 per cent from a year earlier. However, just 1.5 per cent of this increase was a result of more private sector homes being built.
The HIA has emphasised the importance of policy in giving builders the support they need. As a result, the group is calling on governments at state and federal level to take action against red tape, which could prevent real estate in Bunbury from getting off the ground.
HIA executive director in Western Australia John Gelavis believes removing stamp duty would be another way to give this industry a boost moving into the new year.
Regardless of whether you want a new or existing home, the team at Ray White Bunbury can help. We have years of experience in the local market and an unrivalled knowledge of real estate in Bunbury.
To find out more, be sure to get in touch with our dedicated team of real estate agents.