The Australian Bureau of Statistics has found the Western Australia property sector at a rough start this year.
Residential building approvals are in decline, not to mention the dwindling new home sales and median house prices.
The ABS’ new data stated approvals dropped by 11.6% in January on seasonally adjusted terms.
WA had a total of 2,437 homes approved for construction – seasonally adjusted – which was a dip from 2,757 in December, 2014.
July, 2014 saw the peak for residential building approvals in the area with a total of 3,103.
Moreover, the Housing Industry Association (HIA) predicts even lower numbers for new house building activity in the current 2014/15 fiscal year.
“This decline in activity would follow two consecutive years of double-digit growth, so overall levels would still remain historically very healthy,” HIA said.
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