Local Government Asset Sales Needed

Local Government Asset Sales NeededThe announcement by the Western Australian government that it has received an “unprecedented” number of inquiries from parties looking to buy state assets vindicates the Property Council’s successful advocacy to promote the sale of government land and property assets.Since the first down grade of WA’s credit rating in mid-2013 the Property Council of Australia has called on the WA government to sell its underutilised land and property assets to, not only improve the State’s fiscal position, but to allow the property industry to do what it does best.The Government has since recognised the legitimacy of this approach to mending their finances and identified the 20 sites to be put on the market. Further, they have announced the creation of a Land Advisory Board to provide ongoing advice. The Property Council applauds this decision. However, the State is not the only level of government to hold underutilised land and property assets.Local governments need to start selling their underutilised land and property assets as well. This will free up prime sites for development, an important step in addressing the declining rate of infill housing development.Read the WA Government’s press release ‘Market Responds Well To Asset Sales News’ here.