Increase to Keystart eligibility showing early success
In the 2018-19 financial year first home buyer (FHB) housing finance commitments fell to an 8-year low at 14,211 and decreased 9.8% from 2017-18 (15,760). However, since the commencement of the Keystart eligibility changes at the beginning of July 2019, FHB commitments have increased to the highest monthly figures since November 2018.
July saw the number of FHB housing finance commitments rise to 1,291 and remained steady in August at 1,276, with these increases recording the first two positive year-on-year (YoY) figures for 2019. While this is encouraging, these monthly figures remain far below historical averages and are high only in comparison to recent low commitment numbers, with August 2019 commitments being 19.7% below those recorded in August 2017.
In addition to this, non-FHB housing finance commitments (excluding refinancing) dropped to record lows in 2018-19 (25,908) (since 2002-03) and were 10.5% below numbers for 2017-18 (29,033). Non-FHB monthly numbers for July and August have not seen the same comparative YoY increases that FHB commitments have, and as at August 2019 were in the 22nd consecutive YoY decrease in monthly figures (since Oct 2017).
When compared to the last peak in 2013-14, the number of FHB housing finance commitments for 2018-19 were 32.3% lower and non-FHB housing finance commitments were 38.2% down.
Few spots remaining to see the Russel Perry Award winner
UDIA WA is offering members an opportunity to take a look inside Cirque Mount Pleasant by Stirling Capital through an exclusive site tour.
Set in the burgeoning Canning Bridge precinct, Cirque won both the Excellence in High Density Award and the Russel Perry Award for Urban Development Excellence (which recognises the highest standards of innovation & best practice in development) at the 2019 UDIA WA Awards for Excellence.
Due to take place on Thursday 24 October 2019, this is an excellent chance to tour this award-winning project, which sets a high benchmark for future development.
Most of tickets have been taken up but there a few spots available for any members interested in attending this tour.
For more information contact the events team at events@udiawa.com.au.
Dwelling Commencements on the rise
Recent figures from the Australian Bureau of Statistics (ABS) showcased WA private-sector dwelling commencements, which increased 23.2% quarter-on-quarter (QoQ) and 5.0% year-on-year (YoY) to 4,045 in the June 2019 Quarter.
This increase was also reflected in dwelling commencements for WA houses increasing 13.3% QoQ to 2,898 and remaining steady YoY.
Despite this uptick on a quarterly basis, total private-sector dwelling commencements for the 2018-19 financial year fell 14.7% from the previous year to sit at 15,169, the fourth consecutive year of negative annual growth and the lowest number of commencements in 18 years.
The low rate of dwelling commencements suggests a clear need for housing stimulus to encourage the property market.
Latest Urban Intelligence released
UDIA launched the September edition of Urban Intelligence to members on Tuesday, providing an outline of the latest economic and property market data and analysis.
Key results this month include lot sales trending upward and a lift in WA’s residential population thanks to an increase in net overseas migration and a decrease in people leaving WA to move interstate. House prices remain on a downward trend.
More information here.
Just one week to go before the missing middle debate
Next Thursday will see over 400 guests attending our last Industry Lunch for 2019 which will investigate Delivering the Missing Middle.
During the lunch guests will hear from Urbis Regional Director Ray Haeren, Stockland Senior Development Manager Andrew Wallis, Cedar Woods Managing Director Nathan Blackburne, Design WA Director Nic Brunsdon and Hillam Architects Director Felipe Soto as they debate, discuss and provide case studies about Perth’s Medium Density developments.
If you’ve ever wondered what medium density is, how much of it we have in Perth, what it looks like when it is does well or how to get more of it in WA, this is definitely the lunch for you.
Being held at the Astral Ballroom, Crown Perth, it is sure to be a lunch to remember.
More information here.
Housing Strategy for Western Australia: Conversation Workshop
This week, UDIA took part in the second round of consultation discussing the emerging state Housing Strategy.
At the session the Department of Communities presented a range of data to outline the key challenges and trends regarding our housing options, including the lack of affordable housing options for many within our community and the increase in homelessness, particularly amongst women aged over 55.
The session finished by examining the feasibility of possible solutions. UDIA’s Housing Diversity Committee is currently investigating possible solutions to address our emerging housing challenges and greatly appreciates the opportunity provided by the Department to be involved in the development of the Strategy.
UDIA Professional Development Program underway
UDIA WA’s long running Professional Development Program got underway on Monday with a successful and popular first session that looked at the key concepts of effective communication and negotiation skills; WA’s statutory and strategic planning framework and attendees gained an understanding of planning law and its application in WA.
Module 2 will focus on Project Planning and Marketing and will take place on Monday October 14. Registrations for this module are now closed but registrations for module 3, looking at Environment and Sustainability close tomorrow, Friday October 11.
This third module will introduce participants to the key concepts and tools involved in achieving sustainable urban development, including looking at environmental sustainability, developer options in social and economic sustainability and environmental law.
The remaining sessions of the six-day program will run each Monday over the next five weeks, with participants able to enrol for single one day modules, or for the complete program. Modules 4 and 6 attract REBA CPD points and the full program is also aligned to the BSB 51415 Diploma of Project Management delivered by Swinburne University of Technology.
Led by experienced presenters from the WA property development industry, the course provides practical lessons on how to manage the project lifecycle and understand the principles of commercial awareness, time, quality and cost.
More information available here.
Marina development one step closer
Earlier this week the Marmion Marine Park Reserves Bill 2019 successfully passed through both houses of the State Parliament ensuring the long-awaited Ocean Reef Marina development is still on track to commence construction next year.
The Bill confirms the boundaries of the marine and its passing through Parliament follows the development’s marine-side environmental approval, received in August.
Once completed the aim is for the Marina to deliver the capacity for 565 boat pens, 200 boat stackers and a diverse mix of more than 1000 new homes. It will also house around 12,000 square metres of retail and commercial space, 2.6ha of public open space and an internal beach.
For more information about this project, click here.
Water Corporation Member Briefing
UDIA WA members are invited to attend the upcoming Member Briefing in November looking at the findings from the WGV Waterwise Exemplar findings and Waterwise Development Program Expansion and Recognition Scheme.
UDIA WA is a proud partner of the WGV Waterwise Development Exemplar program which is capturing the innovations at the LandCorp WGV development site in a series of research programs in cooperation with a variety of research partners including Curtin University, the CRC for Low Carbon Living, CRC for Water Sensitive Cities and ARENA.
The purpose of the program is showcasing industry leading approaches to urban water management and scheme water optimisation.
During the briefing there will be a presentation of the water efficiency findings at WGV as well as providing an exciting update on the expansion of the Waterwise Development Program and its newly introduced recognition scheme.
Set to appeal to developers, town planners, councils and builders, the session is free of charge for UDIA WA members but as places are limited, RSVPs are essential by Friday 1 November.
For more information, visit here.
Residential estate in Forrestdale breaks ground
On Tuesday UDIA WA CEO Tanya Steinbeck attended a sod turning ceremony to celebrate the announcement that construction will soon commence at Cedar Woods’ newest private estate located on Anstey Road.
The development, which will one day be home to over 300 families will be bordered by the bush and will feature a district sports oval, walking trails, active open spaces and a nearby primary school.
For more information, visit here.
Search for new heritage champions begins
Nominations for the 2020 Western Australian Heritage Awards are now open with the State Government urging all Western Australians to nominate their heritage heroes.
The awards recognise the contribution of private owners, volunteers, professionals, organisations, local government and State Government agencies working to promote and conserve WA’s cultural heritage.
Nominations are now open until Friday December 13 with finalists announced in February 2020 ahead of a gala event in April 2020.
More information available here.
New Bushfire map released
The Department of Planning, Lands and Heritage recently released a new edition of the Map of Bush Fire Prone Areas as part of the Bushfire Framework Review 2019.
The release of the map forms Stage 1B of the review and includes the removal of parcels of managed vegetation within the Perth Metropolitan Central planning sub-region.
For more information about the progress of the review, visit here.
We value your feedback!
UDIA is currently working on several submissions on behalf of members. We encourage you to forward any feedback on these items to policy@udiawa.com.au
- Draft SPP 7.2 Precinct Design, Guidelines and Discussion Paper (here). Submissions close Tuesday 15 October, 2019.
- DWER Climate Change in Western Australia – Issues Paper (here). Submissions close November 29, 2019.
- Draft East Wanneroo District Structure Plan (here). Submissions close December 20, 2019.
UDIA providing insight to the State Of Australian Cities Conference
At the start of December UDIA WA CEO Tanya Steinbeck will be part of a Plenary Panel Discussion that kick starts the last day of the State Of Australian Cities Conference 2019.
The topic of the discussion is Urban Disruption and Innovation: A View from the Western Edge with Ms Steinbeck to provide insights on behalf of UDIA and our members about how the development industry is leading the way in the creation of versatile and consumer-centric cities.
For more information, visit here.
Registrations now open for PEF Regatta
The Property Education Foundation’s Annual Regatta is due to set sail once again next March.
The annual event invites property students and professionals to compete in a friendly competition to win the coveted PEF Regatta Winner’s trophy.
Registrations for the 2020 event being held in March next year have now opened with those looking to take part having the opening to doing so in a team of 10, as an individual or as a spectator. All tickets include entry to the after-race networking barbecue where you can enjoy the food and beverages on offer as the sun sets.
As an added incentive for those looking to attend, there will be special prizes for the best nautically dressed team and individual guest.
See here for more information.
Home Hub Launching Soon
Hygge Community Life, a not for profit organisation and charity, is launching Home Hub – Australia’s first social and affordable housing advertising service in Western Australia.
For the first time ever, there will be a single place, a ‘one-stop hub’ to connect people who need a home, with all the safe, secure and affordable housing and accommodation options that are available.
The aim of the initiative is to say goodbye to hopelessness and hello to a future of improved housing and ending homelessness.
For more information visit their Facebook page here.
UDIA National Congress on the horizon
Sydney will play host to the UDIA National Congress in 2020 with the three-day event kicking off on Tuesday 17 March and ending on Thursday 19 March.
There will be over 500 property industry delegates who will be treated to a variety of local, national and international speakers. There will be the chance to visit one of over 20 exhibitor trade activations and it will be a great opportunity to grow your networks.
Visit here for more information.