Survey results from Property Council members found Western Australia reported the highest confidence in the property industry compared to the rest of the country.
Survey results from Property Council members found Western Australia reported the highest confidence in the property industry compared to the rest of the country.
The ANZ/Property Council survey found there was a decline of 19 index points for national confidence in the property sector but generally still positive and above the neutral score of 100.
Data from WA members show a softer decline of 12 index points with a score of 131.
The survey shows only WA and ACT members reported positive state economic growth expectations.
Property Council WA executive director Sandra Brewer said strong forward work expectations in the state meant the industry remained broadly optimistic despite macroeconomic trends tempering naitonal confidence.
“Recent volatility in interest rates and debt finance availability has certainly led to businesses being more conservative and less bullish about the forward outlook,” she said.
“Similarly, ongoing challenges with recruiting and maintaining the workforce required to meet elevated market activity is impacting the cost of project delivery.
“All these trends together, understandably, have led to a slight dip in confidence.
“What is clear from the data is that if WA can more effectively attract workers to meet demand, confidence in forward work expectations is painting a promising image for our state- with WA being the only state not to see a decline in forward work expectations.”
The survey also found 47 per cent of WA member respondents identified housing supply and affordability as the most critical issue to be addressed by the state government.
According to a Property Council WA statement, the ability to attract new workers was supported by WA’s comparatively affordable housing.
“WA offers a compelling opportunity for property professionals, with the industry desperately seeking to attract talent to our state,” Ms Brewer said.
“Ensuring the affordability of our housing market is a central measure we can pursue to place WA in the lead in the national and international race for talent,” she said.
About 13 per cent of respondents believe vibrant city centres is the most critical issue to be addressed by the WA government while 12 per cent voted to address urban renewal.
