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Skill shortages are dampening the overall supply of apartments in Perth<\/a>, with more than a third of approved projects currently on hold.<\/p>\n A study from the Property Council of Australia revealed that around 10,000 apartments have been delayed due to a lack of manpower to take on the job.<\/p>\n Furthermore, around $2.2bn worth of apartment projects have yet to achieve development approval.<\/p>\n Property Council WA Executive Director Sandra Brewer said the delay in the construction of approved apartment projects has a significant impact on affordability.<\/p>\n \u201cSwift action is required to avert a future housing and affordability crisis,\u201d she said.<\/p>\n Supply constraints have pushed the median price within 10 kilometres of Perth CBD to more than $1m.<\/p>\n Furthermore, the average Perth family now required to save for an extra two years to cover house price rises over the last 12 months alone.<\/p>\n According to CoreLogic\u2019s latest housing value index, Perth\u2019s median dwelling value increased by 0.4% monthly and 13.1% annually in December to reach $528,551.<\/p>\n \u201cDespite positive policy announcements during the pandemic, like the WA Building Bonus and stamp duty rebates for apartments sold off-the-plan, years of undersupply and underinvestment have put pressure on house prices,\u201d Ms Brewer said.<\/p>\n \u201cAs housing becomes more expensive, people move down the property ladder, escalating demand for social housing and puts more people at risk of homelessness.\u201d<\/p>\n Ms Brewer said there is a need for policies that could provide long-term solutions for housing supply. These policies should prioritise population growth, address labour shortages, remove barriers to investment and develop alternative housing models.<\/p>\n \u201cWe know housing affordability is influenced by many interrelated factors that cannot be addressed in isolation,\u201d she said.<\/p>\n \u201cPeriods of rapid economic growth have shown us that fixing housing affordability requires policy focused on workers first \u2013 because, without workers, property markets cannot deliver the homes people need.\u201d<\/p>\n \u2014<\/p>\n Photo by @solimonster on Unsplash.<\/p>\n<\/p><\/div>\n
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