Growth initiatives needed to combat falling house prices
ABS data, released today, shows that WA house prices have fallen 0.8% in the June Quarter, 3.1% down from the previous year.
“Falling house prices are indicative of a weak economy, which is why the State Government must double down on its commitment to driving the State’s growth,” Property Council WA Executive Director Lino Iacomella said.
“A major focus must be on encouraging population growth through job creation.
“There is a plethora of major infrastructure projects in the pipeline since the reveal of the State Government’s METRONET plans.
“Now is the time to priorities key projects and secure the funding to make them happen.
“Creating long-term employment opportunities will draw people back to WA, driving the economy forward.
“The State Government must secure funding as a matter of urgency through the creation of a City Deal for Perth which would enable State, federal and local governments to work together to fund major projects.
“It is also imperative that the government pushes ahead with its election promise to establish Infrastructure WA, to plan and prioritize infrastructure projects.
“If infrastructure WA is able to determine a clear list of priority projects, it will hugely increase our chances of securing federal funding.
“Another way to drive the WA economy is to reduce the amount of red tape that inhibits development.
“The long awaited reforms to the Strata Titles Act will enable large scale mixed-use development that will create vibrant communities, improve livability and create thousands of jobs.
“The property industry is ready and able to spur the WA economy, but measures must be taken by the state government to allow the industry to thrive boosting the entire state’s economy.
“Through strong leadership and decisive action, the State Government and property industry must work together to keep WA growing,” Mr Iacomella said.