The WA property industry has the most positive outlook in the country, according to the ANZ/Property Council survey, which reflects industry sentiment heading into the current December 2020 quarter.
The state’s overall sentiment leapt by 25 points for the quarter, hitting 107.
A score of 100 points is considered neutral. WA is the only state or territory with a sentiment score above 100.
In addition, WA led the country in expectations for capital growth, residential housing, office capital growth, as well as expectations around state economic growth.
“This is a great reflection on industry and government working hand in hand to ensure our economy, which relies heavily on property for employment and economic activity, has been able to withstand difficult times over the past six months,” Property Council WA Executive Director, Sandra Brewer said.
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“The increase in house capital growth and forward work expectations matches the conversations we’re having with members on the ground, who say they are expecting significant demand for their products and services over the next 12 months,” Ms Brewer added.
“The establishment of the State Development Assessment Unit is a factor here, as it gives development proponents a quicker pathway to have job creating, shovel-ready projects a chance of proceeding more quickly.”
Although expectations around retail and hotel property growth improved during the quarter, these still remain in negative territory.
“WA has cemented itself as a safe and attractive place to invest in because of its natural advantages and management of the pandemic,” Ms Brewer explained.
“This has only been strengthened by the burst of enthusiasm brought by the recently announced Perth City Deal, so it’s important governments leverage that game-changing project for Perth’s CBD.
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“With five months until the state election, it’s critical that governments don’t miss this unique opportunity to attract more capital and new business into WA while the confidence in our market supports it.”