- The Western Australian property sector is enthusiastic about the local market, but an unclear way out of COVID border closures means the outlook isn’t so rosy
- WA has recovered its position as Australia’s most optimistic property market, according to the latest ANZ/Property Council survey
- Only 35 per cent of firms polled believe the negative effects of COVID on their business will improve in the following three months, the lowest in the country
- According to Property Council WA executive director Sandra Brewer, a plan out of COVID is needed to maintain business confidence
- “If vaccination is the only path out of restrictions, we need to provide a carrot,” she says
The property industry in Western Australia is optimistic about the local market, but an unclear path out of COVID border closures means the outlook isn’t so rosy.
WA has recovered its position as Australia’s most optimistic property market, outperforming the national average by 10 index points, according to the latest ANZ/Property Council survey.
WA respondents’ property industry confidence was 140 index points in the September 2021 quarter, down from the previous quarter. A score of 100 is regarded as neutral.
Nationally, industry confidence was down to 130 index points in the September 2021 quarter with South Australia the only state to rise on the confidence index.
Despite nation-leading optimism, the sector is concerned about the effects of border uncertainty, COVID-19, and snap lockdowns on future growth.
Only 35 per cent of firms polled felt the negative effects of COVID on their business would improve in the following three months, the lowest in the country.
According to Property Council WA executive director Sandra Brewer, a plan out of COVID is needed to maintain business confidence.
“Restrictions and controls to keep WA COVID free have allowed the State to thrive, and now we need to chart the way to reopening,” she said.
“A clear roadmap out of border controls and lockdowns is needed to incentivise vaccination rates, maintain business and investor confidence, and reopen – not just to Australia, but to the world.”
In WA, an average of 8884 individuals were completely vaccinated every day during the past seven days, with 45.27 per cent of the eligible population fully vaccinated, the lowest in the country.
Based on seven-day averages of doses delivered, it is predicted that 80 per cent of Western Australians over the age of 16 will be completely vaccinated by December.
The Federal Government’s playbook has the country opening up once populations hit the 70 and 80 per cent vaccination rate thresholds. However WA Premier Mark McGowan has reserved the right to keep border closer.
Last week he said he would set a date a couple of months after WA reached above 80 per cent vaccination rates to open up.
Ms Brewer said with or without COVID, we couldn’t wait until higher vaccination levels for a plan to reopen.
“If vaccination is the only path out of restrictions, we need to provide a carrot,” she said. “A clear vision for a WA without restrictions could be just that.
“Businesses and workers have been patient and understanding of the need to ensure we are resilient and equipped to deal with the health challenges associated with living with COVID. But we need to have a plan for an open WA if COVID makes its way into our community, where we can continue to thrive and live safely.
“The time has come for a plan back to normal, with or without an outbreak in WA.”