Retail Beacon Of Hope For WA Economy

Confidence in the WA property sector has declined for the eighth straight quarter, with most market indicators falling, but attitudes towards retail and retirement living remain positive.

The ANZ/Property Council Survey index for WA has dropped from 102 to 96 from the December 2015 to the March 2016 quarters.

The Australia-wide property confidence index has remained consistent increasing by a single point to 131 for the March 2016 quarter.

In WA, growth expectations for the March 2016 quarter, in most sectors of the property market declined with the exception of retail and retirement living sectors.

“The WA property sector is coming to grips with the new economic climate,” Property Council Executive Director Joe Lenzo said.

“From office leasing to hotel development, the industry is looking to invigorate the way it does business to see us through these tougher times.

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

“WA is in a state of transition and the property sector is ready to step up and be the growth engine of the economy.

“Bold economic reform including tax reform is required in 2016 to enable industries like property to play their role in keeping WA growing.”