The state government of Western Australia has unveiled a $150m housing investment package as part of its efforts to boost the local economy.

The investment package is divided into three parts: $125m for the construction of 300 public housing units for homeless and vulnerable people on the priority waiting list; around $6m for the renovation of 20 regional and 50 metropolitan public housing properties; and $19m to be coursed through Key Start for 200 additional shared equity homes.

"Not only is this a win for WA home buyers and those who are currently on the social housing waitlist, but also the construction industry with the additional 1,000 jobs that will be created,” said Damian Collins, president of the Real Estate Institute of Western Australia.

Collins said these policies will be able to help address the housing affordability issues in the state and would help those looking to take their first step on the property ladder as homeowners.

"The WA market remains a challenging environment for some West Australians. This initiative is an important step to ensuring everyone has a place to call home," he said.

Housing Industry Association Executive Director Cath Hart said these announcements will give confidence to thousands of West Australian workers and businesses in the residential construction sector.

"This is critically important so that we have sufficiently skilled workers ready and able when WA's residential construction starts to increase to more sustainable levels in the coming years, and so that we don't face skills shortages," she said.