The year 2014 has been phenomenal for the construction industry. A great amount of dwelling approvals has been pushed through, and holding the top five spots, Western Australia has been the centre of it all. Four of those ranks come from Perth.
The demand for Perth builders has never been stronger, reaching a five-year high of 214,331 approvals, according to the Housing Industry Association (HIA). Why the sudden interest in Perth? Here are the factors that likely influenced the influx of home building in the capital:
Perth is the fastest-growing city
The State of Australian Cities 2014-2015 Report has revealed that Perth has been the fastest-growing city from 2004 onwards, boasting an inflation of more than 30%. To put this figure into perspective, other cities within the fastest-growing category only increased by 20% over the last 10years.
The report expects that by 2031, Greater Perth will be home to 3,248,550 residents. By 2061, the figure only increases, projected to reach 451,406. Now, that is a lot of homes!
Perth is a choice destination for two-storey homes
The research has also shown that the capital has become a favourite place for two-storey home construction. As mentioned previously, four out of the five top positions in approval figures belong to Perth. Two-storey houses, versus apartment units, took up most of the approvals.
What this means for the construction and building industry
Novus-homes.com.au says along with this inflation, boom in housing construction will follow, as the bigger population plans to build homes and settle along the sunny streets of Perth.
Economically speaking, Perth has paved the way for great opportunities in the building sector. The report noted that construction in the capital was one of the primary contributors to job growth in not only Western Australia, but the entire country.
It is good news for both Perth locals and anyone wishing to move to the capital. As experts predict a steady rise in economic activity, the city will never run out of opportunities for its beloved residents.