Confidence has stabilised in WA Property Market

Confidence has stabilised in the WA property sector with sentiment now at neutral levels.

The ANZ/Property Council Survey index for WA moved up from 96 to 99 for the first quarter of 2016. This is the first positive move in WA since June 2013. The Australia-wide property confidence index has remained steady at 131 not moving this quarter.

In WA, the retail and retirement living sectors continue to be the only parts of the industry with growth expectations.

“Our state economy is still transitioning following the end of the mining boom. We are seeing a small tick up in forward work schedule expectations and little movement on the employment front”, said Property Council Executive Director Lino Iacomella said.

“According to the survey, the economic performance of the State Government is still in negative territory.

“The WA Government now needs to step up to better support the industry so that we can create momentum.

“Visionary reforms, such as the abolishment of land tax aggregation and strategic stamp duty reforms, will instill further confidence in the industry and allow WA to once again grow.”

Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]