WA border reopening met with optimism

With the return of interstate and overseas arrivals from today (March 3), Craig Dawson, Western Australia director for Knight Frank, said: “We expect more sellers to list their properties as it is expected that there will be a larger pool of buyers with more people able to enter PerthPerth, TAS Perth, WA.”

According to Dawson, the market for higher-value CBD office buildings has felt the brunt of border closures as properties have not been sold. Buyers of this asset class, which are typically from eastern Australia or southeast Asia, have been barred from the state.

Now that the pandemic tide has turned, Mr Dawson said investors are keen to venture into the Western Australian market due to the strong fundamentals.

“We expect there will be an influx of investors coming to view properties in WA, not just because they physically can now, but because of the economic strength of our state,” he said. he declares.

“We have a strong and stable economy, with a mining sector that continues to perform well and a gradual decline in office vacancy rates in Perth.”

Mr Dawson acknowledged a similar increase in activity in other states due to the reopening of borders, but he was quick to point out Perth’s advantage over eastern states.

Besides a robust economy, he pointed to “the affordability factor, with the yield gap remaining attractive to east coast markets” as tempting investors in the market.

Although COVID-19 is just beginning to spread in Western Australia, Mr Dawson maintains a positive outlook that cases will peak around the end of March and quickly return to normal in a relatively short period of time, similar to trends in other states.

“We haven’t seen the full effect of COVID yet, but it’s safe to say that WA is more prepared than any other state, with high vaccination rates, and there’s a feeling we’re continuing,” he continued. concluded.

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WA border reopening met with optimism



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Last update: March 03, 2022

Posted: March 04, 2022