Perth builds homes at lightning speed
Western Australia's population growth between 2012 and 2013 was the fastest in the nation (3.3 per cent), according to the Australian Bureau of Statistics.
Accordingly, it comes as no surprise that Perth has been moving quickly to accommodate its burgeoning population. Those looking to take out a loan or mortgage refinance may be interested in recent developments in the Western Australian capital.
A fast-track modular housing project may ease house price pressures, which is favourable for those looking to edge in on the market.
In just 10 days, a six-storey apartment building was put together, containing an impressive 77 homes. At a cost of $22 million dollars, the innovative first-time project is being dubbed a "major boost for affordable housing", according to a government statement.
"The one-and two-bedroom apartments - each weighing 22 tonnes and measuring 16 metres by 4.5 metres - are factory fabricated, meaning the apartment complex can go up in just 10 days," explained Minister for Housing and Mines and Petroleum, Bill Marmion on July 25.
The project was supported by the Department of Housing and did more than boost housing; the venture also proved itself in terms of cost and efficiency. A 12 per cent saving in construction costs and 50 per cent reduction in building waste was cited in the July 25 statement.
These apartments were part of a broader Department of Housing-delivered project called Stella Village. The wider project will take a year to complete, from turning the sod to market, noted Mr Marmion.
The government's Affordable Housing Strategy 2010-2020: Opening Doors to Affordable Housing is an ambitious project that aims to bring at least 20,000 affordable houses to the market by 2020. So far, 15,400 affordable dwelling opportunities have come to fruition, meaning the 2020 target is on track.
Consider a fixed home loan if you want to secure property in Perth or Western Australia.
Image credit: Daniel Lee