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Forecasting the Future
Master Builders is pleased with the State Government's announcement that the Yanchep and Thornlie METRONET business cases have been submitted to Infrastructure Australia. Such projects will create jobs and dynamic transport hubs in local areas. Now the Government is introducing detailed land use planning around new stations to include appropriate density and a variety of land uses, key capital works projects will kick off and help foster future state economic prosperity.
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Mortgage Stress
Housing affordability continues to be a key issue in WA. Recent reports have shown many are falling behind on their mortgages at record rates as the state’s economic struggles flow through to homebuyers. One report stated 3 per cent of WA mortgage holders were at least 30 days behind on their repayments -- the highest rate in the country and the highest on record. Master Builders will continue to lobby for effective changes to assist in dealing with affordability challenges.
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Property Price Update
The latest ABS data shows the capital city residential property price index fell in Perth (-0.8%) in the March to June quarter. Residential property prices, while continuing to rise in Melbourne and Sydney, have begun to moderate here. The data showed annual price movements ranging from -4.9 per cent in Darwin to +13.8 per cent in Sydney and Melbourne.
