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The Australian government and private investors are funding a $240 million advanced manufacturing project near Perth to accelerate residential apartment construction. The initiative aims to increase housing supply by building homes 50% faster and 20% cheaper than traditional methods.
Why it matters
This project represents a significant shift toward industrializing the construction sector to address critical housing shortages through technological innovation.
Major housing investment near Perth could provide boost to apartment building
The National Reconstruction Fund will invest $120m into a $240m advanced manufacturing project north of Perth expected to be able to build 2,000 apartments a year once fully operational.
The announcement this morning also includes a $20m grant from the Western Australian government and a $100m equity investment from Wesfarmers, the owner of popular retail brands, including Kmart, Bunnings and Officeworks.
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