Property industry leaders hold inaugural roadshow event in Busselton to discuss Statewide housing crisis

As the South West region continues to bear the brunt of a housing supply crisis, property industry leaders have hit the road to Busselton to discuss what needs to be improved and ensure regional voices are heard. Property Council of Australia executive director Sandra Brewer, Urban Development Institute of Australia chief executive officer Tanya Steinbeck and Real Estate Institute of WA chief executive officer Cath Hart joined forces to engage with South West residents on the issues surrounding housing, development and regional planning during an inaugural roadshow event at Abbey Beach Resort in Busselton on Tuesday. The event comes as the region continues to feel the impact of a surging market, with increased pressure on government to create more housing in the region and supply constraints negatively impacting renters. Ms Brewer said the roadshow was developed to bring together the collective expertise of the State’s leading industry organisations to better understand the local market and what was needed to improve the delivery of housing. “The South West region is not immune to the challenges in meeting housing supply, with the Statewide impact of labour shortages and rising construction costs contributing to a lack of new housing,” she said. “Across the region, businesses have seen strong growth and positive economic activity has resulted in increased demand for workers. “Unfortunately, residential development hasn’t kept pace and as a result we have seen a concerning shortage of housing. “Without a robust pipeline of homes for workers, the future prosperity of the region is being held back. “Our intention is to work with the local industry and community to understand what is needed to support more well-planned developments that meet the region’s future aspirations.” Ms Steinbeck said there was clear evidence of a shortfall of about 20,000 dwellings Statewide between 2023-26 based on projected household formation compared with annual dwelling supply. “While Perth will bear the brunt of that shortfall, the regions are not immune with around 5000 of those dwellings needed in the regions,” she said. “If we don’t find a way to get more stock into the development-ready pipeline and out to market, the housing crisis is only set to deepen.” Ms Hart said supply was the biggest challenge facing the market, declaring WA had “a dire need for more housing for both homeowners and tenants”. “WAs population is growing strongly, up 2.3 per cent in the year to December 2022, and forecast to grow another 1.8 per cent and 1.7 per cent in 2023-24 and 2024-25 respectively,” she said. “These people will need housing and the established homes market simply cannot meet this demand. “The big lesson out of the past decade is how important it is that WA maintains its long-term average of 22,000 new home builds per year to ensure a pipeline of supply. “We have seen the outcome the shortfall over the past few years has had on the property market. “House prices and rents are at record highs in many regional centres, homes are selling quickly and vacancy rates are at record lows. “A steady supply of new homes is critical to maintaining a balanced residential property market.”