Current Property News: WA comes up trumps

While things may be chugging along at a slow pace now, it’s starting to become clear that WA is the state to watch over coming years.

After BIS Shrapnel’s recent Property Prospects report predicting Perth to lead house price growth by 2014, CommSec’s latest State of the States report and the Chamber of Commerce and Industry of WA’s (CCIWA) quarterly snapshot, both released last month, are echoing the same story.  

CommSec’s report shows WA has taken the lead and overtaken the ACT to take the title as the best performing state or territory nationally. WA’s economic output was more than 28 per cent higher that its decade-average level of output, aided by the strength of the mining and engineering sectors. 

CCIWA’s quarterly snapshot shows the respected business group has revised upwards its growth forecast for the state to 6.75% this financial year, well above the official state government forecast of 4.5% growth. By 2012-13, it expects growth to lift further to 7% as the economy begins to feel the full effects of the expansion in the resources sector.

CCI chief economist John Nicolaou said the predictions were based on anticipated strong export returns and a continued resource investment boom.

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