Decline in Perth property confidence stemmed

Recent declines in business confidence in the WA property sector have plateaued with most market indicators for the December quarter remaining steady.

The ANZ/Property Council Survey index for WA has remained at 102 for the September and December quarters of 2015.

The Australia-wide property confidence index has also remained consistent dropping by a single point to 130 for the December quarter.

Property Council Executive Director Joe Lenzo said, “The WA property sector is coming to grips with the realities of the post mining boom era.”

“From office leasing to housing development, the industry is making new business connections.

“A good example is the growing confidence in development opportunities around shopping centres and retirement living.

“It is also promising that forward work programs and staff hiring expectations remain steady.  This is mostly a result of the construction work around major CBD projects and shopping centres in metropolitan Perth.

“However the changing economic situation in WA and slowing population growth is impacting on expectations for valuations in the residential and commercial office sectors.  The industry is not expecting growth in these sectors in the December quarter.

“WA faces some big challenges to sustain this construction activity and keep the state growing. 

“Research by the Property Council shows that the property sector is ideally placed to sustain economic growth in WA and increased infrastructure investment is the key,” Lenzo said.

Media contact:  Joe Lenzo  |M  0419 044 768  |E  [email protected]

Media contact:  Sadie Davidson | M  0467 977 427 |E  [email protected]