PHOTO: WA builders continue to struggle, with the apartment operations of a major builder the latest to falter. (stock image)
Parcel Property, a leading residential property development company in Western Australia backed by Dale Alcock’s ABN Group, has made the decision to discontinue its apartment development arm, resulting in the cancellation of at least two major projects in the western suburbs. The move has raised concerns within an industry already grappling with numerous company failures.
https://propertynoise.co.nz/au/melbourne-real-estate-agent-guilty-of-sexually-assaulting-women-during-interviews/
With a strong presence in the Perth building scene for three decades, Parcel Property’s announcement of job losses accompanies the abandonment of a $15 million apartment complex in Mount Hawthorn, which had already received development approval, as well as a multimillion-dollar complex in West Leederville that was in the early planning stages. The repercussions of these decisions will undoubtedly send shockwaves through an industry that has been severely impacted by labor shortages and escalating material costs.
While Parcel Property will continue to operate its land development division, the closure of its built form component was not taken lightly. Andrew Auret, Parcel Property’s Executive General Manager, expressed regret over the difficult choice made in response to the challenging economic climate for builders.
https://propertynoise.co.nz/au/real-estate-agent-misguide-buyers-unveiling-unethical-practices/
As this latest development unfolds, it adds to a growing list of Western Australian builders that have ceased operations in recent months. Nationally, the decline in new home sales by nearly 50 percent has further exacerbated the challenges faced by the building industry.
In an attempt to alleviate some of the burdens faced by developers, Western Australia’s Planning Minister, John Carey, has introduced interim measures to address inconsistencies in the state’s public open space policy. These measures aim to rectify issues related to public open space contributions in built strata applications, including inconsistent application of requirements across local governments and the imposition of contribution conditions after development approval, leading to uncertainty and increased costs for homebuyers.
Tanya Steinbeck, CEO of the Urban Development Institute of Australia WA, commended the government’s actions, emphasizing the importance of closely examining policies through a housing affordability lens and prioritizing the acceleration of housing supply amidst the ongoing housing crisis in Western Australia.
SOURCE: API MAGAZINE
https://propertynoise.co.nz/au/navigating-the-hazards-toni-collette-shares-insights-on-purchasing-a-home-in-sydney/