Western Australia tops state economic report

Western Australia tops state economic report

Anyone considering undertaking new home building in Perth could be happy to hear that the state has topped the Commonwealth Securities State of the States report, which highlighted Western Australia's continued growth and retained spot as one of the top states for investment.

The report rates the Australian states across eight different categories - economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

Western Australia ranked as the nation's best-performing economy, leading the country for retail trade. Furthermore, it was the second strongest state across economic growth, business investment, construction work done, housing finances and population growth.

These are encouraging statistics for anyone considering purchasing land and building property, regardless of whether it's for occupation or investment.

For example, topping retail sales illustrates an increasing consumer confidence across the state as the economy begins to grow and individuals begin to take advantage of the low cash rate and reduced interest rates.

Furthermore, the increased rate of construction work being completed could be great news for anyone considering creating double storey house plans and building their dream home in the state's capital city.

Western Australia is in need of new dwellings, as the annual population growth has increased to 3.42 per cent, and is now resting at a mark almost 40 per cent higher than the average for the decade. And this is only expected to continue upwards, which could be a good opportunity for potential property investment.

Housing financial commitments are also increasing, and are now 8.8 per cent higher than the long-term average in the state. Home lending has also grown over the last 12 months, and is now 14.2 per cent higher than last year.

To speak with an apg homes building and design consultant about your property ambitions contact 6555 7543