Designed to address a range of challenges currently plaguing Western Australia's property market, Realmark managing director John Percudani said the initiative comes at a critical time.
“Our daily interactions with tenants and buyers across Western Australia reveal a constant theme: elevated demand is not a temporary condition, but an established trend that shows no signs of stopping in the medium term,” says John Percudani, founder and managing director of Realmark
“Unfortunately, the supply is not keeping pace with this demand, and immediate adjustments seem unlikely
“Over the years, government initiatives have often sought to stimulate buyer demand through incentives, leading to market distortions
“A supply-driven approach, as now undertaken by the WA Government, is the sustainable and effective pathway to create a balanced, affordable, and healthy market.”
The new Unit will be responsible for producing economic forecasts for WA and the development of market-driven housing policies including measures to boost supply and improve choice and affordability.
This will include regular consultation with the residential building industry and the property development sector to identify specific barriers to increasing supply, and working with other agencies and Government Trading Enterprises to address those barriers.
“The is the first time we have established a dedicated housing unit within the Department of Treasury, which highlights how important this issue is to our Government,” says Treasurer Rita Saffioti
“The Department of Treasury has significant strength in providing economic and fiscal advice to Government and is ideally placed to provide strategic guidance with significant national investment expected to flow following the passing of the HAFF by the Federal Government.”
Scheduled to be fully operational by January 2024, the Housing Supply Unit represents a crucial step forward in resolving housing issues in Western Australia.