Spike in property confidence for WA
Business confidence in the WA property sector has climbed more than any state, jumping 24 points in the past 12 months.
The ANZ/Property Council Survey index for WA now sits at 129, up from 114 in the September 2017 quarter.
“These results demonstrate continued confidence in the WA property sector and suggest that an economic turnaround is well on the way. The shift in sentiment is being reflected in the falling unemployment rates and we’ve seen house prices increase by 0.1% in September,” Property Council WA Deputy Executive Director Alix Rhodes said.
“There has been a significant boost in confidence in the State’s economic growth, with sentiment in the positives for the first time in almost four years.
“Forward work schedules and expectations of staffing levels both recorded improved sentiment by 16 and 6 points respectively for the December Quarter.
“We are also seeing the emergence of a turnaround in confidence in the industrial sector for the first time in three years and unprecedented gains in confidence in retail capital growth.
“The boost in confidence in the retail sector is reflective of the historical level of regional shopping centre development in Perth.
“Retirement Living has continued to be one of the strongest sectors with confidence increasing 15 points in the last quarter.
“Sentiment towards the new WA state government has fallen 4 points in the quarter, this was understandable given the dramatic lift in confidence that occurred when the new government was elected.
“There are clear signs that industry is poised for a market turn around. The State Government must now focus on encouraging investment and business into WA to keep WA growing,” Ms Rhodes said.
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence
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