Property needs growth agenda to lift sentiment

Business confidence in the WA property sector continues to slide, despite forward work schedules in the industry remaining steady.

The ANZ/Property Council Survey index for WA has dropped to 102 from 105 for the September quarter of 2015. WA’s confidence is down 21 index points over the last 12 months.

Nationally, the Australia-wide property confidence index has remained consistent at 131 index points for both the June and September quarters.

Property Council Deputy Executive Director Lino Iacomella said, “Confidence in the WA property sector is being affected by negative reports on the economy, but the reality is that construction and development activity remains solid.”

“Confidence is weakest in the outlook for the housing and office sectors.

“In contrast, confidence is stronger in the construction outlook for the retail, hotel and retirement living sectors.

“The WA economy is benefiting from a pipeline of property related infrastructure work, which is helping to fill the growth gap left behind from a weakening resources sector.

“However, to keep WA growing the State needs a stronger growth and reform agenda including a clear infrastructure plan and a determination to reform the economic handbrakes like inefficient property taxes and cumbersome development approvals processes.”

 

 

Media contact: Lino Iacomella | M 0417 1 974 | E [email protected]