WESTERN AUSTRALIA EOFY REPORT

It was a difficult start to the financial year for the Australian economy, concerns for COVID-19 remain heightened despite cases dissipating and most staff having returned to work. While there were good results for WA the sentiment remained difficult on the East Coast with many staff still working from home and border closures restricting travel. Soon the second wave of cases from Victoria would hit putting a firm hold on the border controls for WA however the local economy continued to perform well compared to all other states.

For the commercial property market, greater certainty emerged with tenants again occupying premises and businesses up and running, now with low interest rates the quest for private buyers to diversify and invest in higher yielding investments saw a swift growth in demand both from local and interstate investors. With initial economic uncertainty remaining high we saw many owners opt to “wait and see” with limited quality stock coming onto the market keeping volume levels down. As time passed, we witnessed growing demand for stock however downward pressure on yields which aided in encouraging vendors to the market albeit at a slow pace. Subsequent lockdowns in January and April did little to stifle the building demand for stock from buyers across the country who continue to enquire and look to transact across WA despite the stringent border measures.