Confidence low in WA property industry

Business confidence in the WA property sector remains low according to the latest ANZ/Property Council Survey.

The ANZ/Property Council Survey index for WA moved down six points from 104 to 98 for the first quarter of 2017, returning to earlier levels following a slight jump for the final quarter of 2016. The Australia-wide property confidence index saw a slight increase for the December 2016 to the March 2017 quarter, from 130 to 132.

“These results confirm what we know – that it’s a long, hard slog back after the end of the mining construction boom,” Property Council WA Executive Director, Lino Iacomella said.

“There is however some room for optimism in the survey with retail and retirement living sectors bucking the trend with positive growth expectations. This can be explained by the growing focus on delivering diverse housing choices for our ageing population and continued investment in shopping centre redevelopment.

“As focus turns to the March State election, now is the opportune time for all the major parties to commit to a budget stimulus package that puts forward achievable and sensible policy measures which will empower the property industry.

“Policy measures should be job creating and community building initiatives which will build confidence in the WA property industry and allow it to become the growth engine of the State. We believe there should be a focus on stamp duty concessions for off-the-plan purchases, seniors downsizing, further trading hours reforms, and linking the State’s asset recycling program to funding infrastructure.

“With the correct policy setting in place, the property industry can facilitate growth and deliver innovations in property developments that create a diverse range of housing and jobs, and make communities sustainable and affordable.”

Media contact:  Lino Iacomella  |   E  liacomella@propertycouncil.com.au

To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence