Industry confidence pulls back slightly, yet strong uptick across property sectors

Business confidence in the WA property sector has fallen slightly after steadying results over the last 12 months.

The ANZ/Property Council Survey index for WA for the March 2019 quarter is129, which represents only one index point drop from the previous quarter. A score of 100 is considered neutral.

Over the previous 12 months, the WA property industry’s confidence index has edged back by 11 index points. However, it remains higher than the national average of 123 index points.

“Confidence in the WA property sector remains strong, however the latest dip in sentiment reflects an industry that is continuing to ride the bumpy road to our State’s full economic recovery, despite upticks across most property sectors,” Property Council Executive Director Sandra Brewer said.

“The latest survey reveals a continuing strong level of investment and work commitments in the industrial, retail and retirement sectors.

“The lift in growth expectations in the industrial sector is particularly telling as it indicates an increase in demand for our State’s resources. This, combined with more mining investment activity, supports a positive outlook for job and population growth into 2019, further strengthening our overall economy.

“Expectations around economic growth are very positive and there has been an upward shift in sentiment in favour of the State Government’s performance.

“This is encouraging, and acknowledgement by our industry of the important steps the State Government has made in progressing major city building reforms such as strata reform and the review of the WA planning system.

“The message in these results is that the expected economic recovery in WA is still in its early stages but building momentum. It is now critical to continue to press on with important policy initiatives such as Infrastructure WA and METRONET, which will provide industry much needed certainty and lead the way to our State’s recovery,” said Ms Brewer.

To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here.

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Media contact: Sandra Brewer  M  0418 501 030 |   E  sbrewer@propertycouncil.com.au