Green shoots in WA property converting to more work: Survey

Confidence in the WA property industry is continuing to rise with reports that property businesses expect a significant increase in project work in the next 12 months, according to the latest ANZ/Property Council Survey. 

The survey confidence index for WA rose to 143 in the June quarter 2018, which is on a par with the national average and 24 percentage points up over the last 12 months.

“Business confidence in the WA property industry is at the highest level in five years and only a few index points below the peak of 2013”, said Property Council WA Executive Director, Lino Iacomella.

“The green shoots of a solid recovery in WA property markets are converting to evidence of more project work expected in the year ahead, particularly in precinct developments around transport and retail centres.

“The market sectors expected to record the most improvement were housing and commercial office.  Retirement living continues to be the sector with the greatest appeal. 

“It is good news for the WA economy that the property industry is expecting more work and better market performance.  The property industry employs more than 250,000 West Australians.

“It’s vital that the property industry is given a chance to grow the WA economy by keeping taxes low and incentivising investment in the upcoming State Budget”, said Mr Iacomella.

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

 

To view select ANZ/Property Council Survey historical data series, visit the
Property Council’s Data Room

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