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A plan is needed to maintain market confidence

Western Australia has reclaimed its title as the most optimistic property market in Australia, according to the latest ANZ/ Property Council survey - leading the national average by ten index points. Property industry confidence of WA respondents was recorded at 140 index points over the September 2021 quarter. A score of 100 is considered neutral.

Despite nation-leading positivity, the industry remains highly wary of the impacts border uncertainty, COVID-19 and snap lockdowns will have on future prosperity.

Of businesses surveyed, only 35 per cent believed the detrimental impacts of COVID on their business would improve over the next three months, the lowest in the country.

According to Sandra Brewer, Executive Director, Property Council WA, a plan out of COVID is needed to maintain business confidence.

“Restrictions and controls to keep WA COVID free have allowed the State to thrive, and now we need to chart the way to reopening.”

“A clear roadmap out of border controls and lockdowns is needed to incentivise vaccination rates, maintain business and investor confidence, and reopen – not just to Australia, but to the world.”

Since June, WA’s average vaccination rate has been 15,902 doses per day, with 2,344,901doses administered to 29 September. It is estimated 80 per cent of Western Australian over the age of 16 will be fully vaccinated by December, based on the seven-day averages of doses administered.

However, more than 2 million doses are still needed for 100 per cent of eligible Western Australians (aged 12 and above) to be fully vaccinated. Excluding those already vaccinated, to achieve 100 per cent vaccination rate, based on the current average doses per day, would take more than four months to achieve. This assumes vaccination rates remain constant.

“With or without COVID, we can’t wait until higher vaccination levels for a plan to reopen. If vaccination is the only path out of restrictions, we need to provide a carrot. A clear vision for a WA without restrictions could be just that.

“Businesses and workers have been patient and understanding of the need to ensure we are resilient and equipped to deal with the health challenges associated with living with COVID. But we need to have a plan for an open WA if COVID makes its way into our community, where we can continue to thrive and live safely.”

“The time has come for a plan back to normal, with or without an outbreak in WA.” Ms Brewer concluded.

Media contact: Emily Young | M 0475 161 328 | E [email protected]

ABOUT THE SURVEY

The ANZ/Property Council Survey commenced in 2011. It is now one of Australia’s largest surveys of sentiment in the property industry – our largest industry and employer which supports 1.4 million jobs.

Respondents are drawn from across the property industry, including property developers, managers and agents and service providers.

The Q3 2021 survey was conducted online between 30 August and 15 September.