Industry confidence dips after strong earlier increases
Business confidence in the WA property sector has edged back slightly after strong increases over the last 12 months.
The ANZ/Property Council Survey index for WA in the upcoming September quarter is 139, down slightly from 143 in the previous quarter.
Over the previous 12 months, however, the WA index of business confidence in the property sector is up by 25%.
“Confidence in the WA property sector remains high, however the latest dip in sentiment reflects an industry that is waiting for projects to go-ahead before committing to business expansions and employing more staff,” Property Council Executive Director Lino Iacomella said.
“The industry remains confident that strong economic growth will return in WA and major infrastructure projects like METRONET will lead the way.
“Recent announcement of large mine expansions and developments will also boost confidence in property, like greater take-up of project space by mining companies in commercial offices and demand for more factory space in industrial zones.
“The latest survey reveals a continuing strong level of investment and work commitments in the retail sector, particularly suburban centres.
“Confidence remains solid that house price growth will return soon in WA, however this is predicated on expected up-turn in population growth.
“The message in these results is that the expected economic recovery in WA will be patchy in the early stages and that governments have an important role in facilitating growth through progressive reforms like introducing Infrastructure WA and local planning reforms to support city-wide projects like METRONET and town centre renewals”, said Mr Iacomella.
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Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]