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WA housing market glut the worst in the nation, and it's only getting worse

Thursday August 10, 2017

ABC NEWS

Western Australia's housing market is the most oversupplied in the country and it is only going to get worse, a new report on the future of the building market has found.

BIS Oxford EconomicsĀ is forecasting a national decline in the building market over the next three years, including WA where building starts peaked in 2015/16.

According to the latest BIS report, there are already 25,000 unnecessary homes in the state and that will increase to 26,000 by 2019.

About 70 per cent of these are freestanding homes, as opposed to NSW or Victoria where oversupply is a more serious concern for apartments.

The slowdown in population growth linked to the end of the mining boom has seen the rate of new houses being built contract, but it is not enough to offset the significant oversupply.

Subscribers to the ABC NEWS can see the full article here.

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