Land sales fell 22 per cent in the March 2022 quarter, according to the latest figures from the Urban Development Institute of Australia (UDIA WA).
While the figures are lower than the increased activity spurred by state and federal government construction incentives in the past two years, activity remains elevated from pre-stimulus conditions. Moreover, it is still nine per cent above five-year average sales volumes.
UDIA WA Chief Executive Officer, Tanya Steinbeck, said the sales volume in this quarter remains higher than quarterly figures recorded during the economic slowdown from 2016-to 2019, when 1047 sales were recorded in March 2019.
The government’s recent budget was predicated on expectations the WA population would increase. Accordingly, the government announced several strategies to draw more people into the state, either addressing skills shortages or as international students.