Confidence in WA property at five-year high: survey
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, 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.
Commenting on the survey results, Property Council WA Executive Director, Lino Iacomella said it is good news for the WA economy that the property industry is expecting more work and better market performance.
“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”.
The key WA take-outs from the latest survey:
Forward work schedule expectations for the year ahead have doubled since the last survey three months ago;
Staffing expectations remain steady;
Growing belief that the WA economy will grow strongly in 2018;
On capital growth expectations there were strong increases for houses, prime and A-grade office, industrial, and retirement; retail capital growth expectations were down slightly, and hotels were neutral;
The 12-month cap rate expectation for secondary office markets in WA has widened considerably reflecting the high vacancy rate for B and C-grade offices in Perth;
Foreign investment expected in WA residential property continued to fall and is the lowest for Australian states;
Conversely, expectations for foreign investment in commercial and hotels in WA rose strongly;
WA respondents also rated the performance of the WA government positively
To view Property Council's media statement click here
To view ANZ/Property Council Survey results click here