As the accountants prepare for the parties and to wish each other a happy new year, the economists are looking forward to the release of new data to find out how we went in the 2017-18 financial year.
For those looking at the numbers in the west, the last year has marked a real turning point in the fortunes of WA. Population growth is increasing, employment has increased two per cent in the past year, mining investment is back (particularly iron ore and lithium projects) and new hotel and retail investment is driving construction activity.
The oversupply in the residential and office sectors are still working their way towards a balanced market (at least 12-18 months away and longer in some locations), but it’s all heading in a positive direction, albeit not quickly enough for some.
Over the past year, the WA MacroPlan team has delivered the usual wide range of projects including retail (at all scales from neighbourhood centres through to the major regionals and CBD), hotels/tourism, education exports, site acquisitions, childcare, retirement/aged care, infrastructure and urban redevelopment projects.
Throughout all those projects, there has been one overwhelming question – when to push the start button on the project?
As we head into 2018-19 our clients are expressing cautious confidence in WA. It’s all about timing, timing, timing (and as always location, location, location).
Stuart McKnight, General Manager – WA
08 9225 7200