The real estate industry in Western Australia has one of the most optimistic prospects among state capitals, according to the latest quarterly report from ANZ and the Property Council.
While Capital Growth Expectations Are Negative In All State Real Estate Sectors, Industry Professionals Have Good Prospects For Residential Construction Activity In Western Australia .
According to the report, Western Australia is the only state to have positive expectations for future work for the next 12 months.
Sandra Brewer, Executive Director for Western Australia at the Property Council, said that this optimism is likely due to the announcement of housing subsidies, including the federal government's HomeBuilder subsidy and the own state building bonus program.
"I suspect that all of the benefits that the state government’s $ 20,000 construction bonus will bring in addition to the $ 25,000 from federal builder HomeBuilder will support improved sentiment in the December quarter," said she said.
Professionals in the real estate industry are also positive about the performance of federal and state governments. They also cited some of the critical issues facing the state, including property taxes and charges, planning and regulatory reform, housing supply and accessibility, development around transport nodes and dynamic city centers.
Brewer said the real estate industry considers the state government response to minimize the economic risks of the COVID-19 epidemic to be "decisive and effective".
"It is important to pursue policy reform to remove barriers to job-creating projects. The effort to revive the state is far from over and we are waiting look forward to continuing planning for reform and working to extract the best possible economic outcome from a city deal for Perth, "she said.
A separate report from the Real Estate Institute of Western Australia indicates that Perth may enter a seller's market as buyer demand increases while housing supply moderates.
In June, Western Australia's capital posted its strongest month for property sales since 2015. Perth recorded 3,990 sales transactions in June, an increase of 55% from compared to May and a 45% increase compared to the same month last year.
Damian Collins, President of REIWA, said that the spike in real estate transactions could be due to the fear of missing out on buyers wanting to take advantage of federal and state housing subsidies.
"The significant peak that we have seen in land transactions can be attributed to people fearing that they will not be able to benefit from these subsidies. There is a real possibility that we will run out of titled and completed blocks in the coming months" . he says.
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