Confidence in Western Australia rose by nine index points, hitting 134 index points from 125 in the June quarter, according to the ANZ/Property Council Survey for the September quarter.
The survey found optimism in WA to be above the national average of 128 index points, with every state and territory experiencing a confidence boost except the Australian Capital Territory.
“Across the board, the results from this survey paint an encouraging picture of the outlook for property in Western Australia. Our run of four quarters of declining confidence has come to an end, and all the key indicators are now pointing back in the right direction,” Property Council WA Executive Director Sandra Brewer said.
Brewer said that the declining expectations in WA’s growth during the June quarter rebounded and rose to be the highest of any jurisdiction for the year ahead.
“In the residential sector, we’ve seen a much more moderate but nonetheless important shift in expectations for capital growth in house prices in the coming 12 months, which have also returned to positive territory,” Brewer said.
Confidence in the WA government also rose to the highest level in six years, suggesting prudent financial management of the state budget and progress on key infrastructures investments have an impact, according to Brewer.
“We want to work collaboratively with (the) government to capitalise on this positive shift and the many benefits a thriving property industry can deliver to Western Australian communities,” Brewer said.
