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Foreign investment activity set to fall
Foreign new apartment buyers look to more than halve, Master Builders forecasts show. Foreign investment in detached housing is also likely to take a hit as local banks cut back funding to overseas buyers, as higher surcharges and taxes levied by state governments take effect. Our forecast on foreign purchased apartments has commencements falling from 48,251 in June last year to 23,304 in June 2019. Foreign investor activity is expected to fall considerably, with recent moves by the Commonwealth government and some state governments tightening restrictions on foreign property buyers. Master Builders continues to engage with the state government on the implications with tightening restrictions for investors.
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WAPC seeking public comment
The WA Planning Commission (WAPC) is seeking public comment on a proposal to amend the Metropolitan Region Scheme (MRS) for land in the local government area of Armadale. The amendment proposes to rezone approximately 65 hectares from Rural to Urban in the MRS to facilitate further planning and enable the future development of the amendment area for primarily residential purposes. For further information, click here.
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Housing Director to meet with Reserve Bank
Jason Robertson will be meeting again with the Reserve Bank Executive to discuss global and domestic economic conditions, forecasting trends for our local economy and assisting in providing monetary policy advice to the Governor and Board.
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Standards Australia
Members are reminded Standards Australia's BD-004 committee has released a draft of a revision to AS 3700, Masonry Structures for public comment. Click here for additional information. The draft can be accessed here. Any comments can be forwarded to Jason.
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First Home Owners Grant
Master Builders has corresponded with Treasurer Ben Wyatt emphasizing the importance of the McGowan government retaining the $10,000 First Home Owners Grant in the State Budget on 7 September.
