Addressing skills shortages critical for confidence

[7 July 2022] Confidence in the WA property industry remains the highest in the country according to the latest ANZ/Property Council survey, despite all markets reporting an overall decline in confidence levels.

Nationally, confidence in the property sector remained in positive territory despite a decline of 19 index points, but WA experienced a softer decline of just 12 index points, to 131 (100 is considered a neutral score).

The survey of Property Council members found only WA and ACT reported positive state economic growth expectations.

Property Council WA Executive Director Sandra Brewer said that while macroeconomic trends were tempering national confidence, strong forward work expectations in WA meant the industry remained broadly optimistic. 

“Recent volatility in interest rates and debt finance availability has certainly led to businesses being more conservative and less bullish about the forward outlook,” Ms Brewer said.

“Similarly, ongoing challenges with recruiting and maintaining the workforce required to meet elevated market activity is impacting the cost of project delivery.

“All these trends together, understandably, have led to a slight dip in confidence.

“What is clear from the data is that if WA can more effectively attract workers to meet demand, confidence in forward work expectations is painting a promising image for our state - with WA being the only state not to see a decline in forward work expectations,” she said.

The ability to attract new workers is supported by WA’s comparatively affordable housing. The importance of state government action to maintain this enviable position was highlighted in the survey, with 47 per cent of respondents identifying housing supply and affordability as the most critical issue to be addressed by the state government.

“WA offers a compelling opportunity for property professionals, with the industry desperately seeking to attract talent to our state,” Ms Brewer said.

“Ensuring the affordability of our housing market is a central measure we can pursue to place WA in the lead in the national and international race for talent,” she said.

Media contact:
  Megan Lack |  M  0449252380   |   E  [email protected]