Confidence returning to WA property industry
Business confidence in the WA property sector has climbed to its highest level since 2014, according to the ANZ/Property Council Survey for the June quarter 2017, which revealed a 20-percentage point increase in the confidence index.
“These results point to an economic turnaround in WA led by proposed investments by non-mining businesses,” Property Council WA Executive Director Lino Iacomella said.
“The improvement in industry confidence is due to expectations that improved national economic growth will flow to WA, and a lift in forward work schedules and staffing numbers.
A raft of major projects is proposed in WA, including shopping centre expansions, hotels and new infrastructure such as the Forrestfield-Airport Link.
The retail and retirement living sectors continue to lead the way with continued growth expectations.
Other sectors in the property industry are continuing to show declining growth expectations, however the outlook has improved with house price growth expectations close to stabilising.
The property industry is looking forward to working with the new McGowan state Government to progress economic reforms, fast-track infrastructure planning and cut red-tape to ensure the major construction projects proposed for WA get off the ground,” Mr Iacomella said.
