Five Questions That Will Shape the Property Industry in 2017
The WA property industry will face major issues in 2017 that are likely to shape the sector for years to come. There are five key questions, the answers to which, will determine the WA property industry in 2017, according Property Council of Australia WA Executive Director Lino Iacomella.
The questions that all property industry professionals want answers to are:
- What will be the outcome of the WA State Election in March?
- Will WA stop losing people to other states?
- Will WA real estate values stabilise in 2017 and will the market return to growth?
- Will the gains in commodity prices be sustained in 2017?
- How will interest rate movements and international events impact WA in 2017?
“State elections are always very important for the property industry and the March election is particularly significant. The major parties have different policies on how Perth and WA will grow, including the provisioning and funding of infrastructure, and approaches to infill development,” Property Council WA Executive director Lino Iacomella said.
“The Property Council will put both the Labor and Liberals parties head to head when they present their plans for Perth’s growth at a Property Council debate on March 3rd.
“Beyond the election, the industry will be looking for WA’s population growth rate to start rising again in 2017 and a pick-up in demand for housing and commercial spaces.
“In WA’s real estate markets, the big question will be whether the median house price will bottom out in 2017? This is important for consumer confidence and other markets such as retail.
“Sustaining the recent gains in commodity prices will be crucial for business investment and job growth in WA in 2017. Sustained higher commodity prices will likely lead to more demand for business premises.
“International events are likely to have a big impact on WA in 2017, including the demand for our key export products, the currency and interest rate settings. These outcomes will influence business and private investment in WA, much of which normally results in greater demand for property,” Mr Iacomella said.
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