Reflections on Financial Year 2022
As this financial year comes to a close, we have been very thankful to be in Western Australia. Overall, our State is currently tracking towards an overwhelming budget surplus of $5.7 billion (ABC, May 2022) with measures that have protected our natural resource industry where mining holds 47% of our WA economy followed by Construction at 5%.
While the world recovers from the COVID-19 pandemic and travel recommences, we are challenged with rising interest rates, wars, energy supply issues, global supply chain shortages and labour restrictions in an inflationary environment.
In Western Australia, home values have increased by 21.6% since March 2020, with sales activity up 56% while the median time to sell has dropped from 43 to 14 days. Residential rent prices have increased an average of 10-15% in WA (REIWA). Still, Perth remains the most affordable capital city in Australia for housing.
The change in government following our recent federal election sees Western Australia promote “build-to-rent” developments with a 50% cut to land tax for developers. This will hopefully see a boost in housing supply and ease property shortages in the market.
Interestingly, spurred by the experience of lockdown and self-isolation, Australia has seen a decline in average household numbers. Not only are people looking for more space, but they are also looking for homes further away from the city centre where housing is more affordable.
At Time Conti Sheffield, we have seen some changes over the last 12 months:
- We wish Cally Murray all the best as she goes on maternity leave preparing for the arrival of her new baby
- We have seen the property manager certification and accreditation by all of our Senior Property Managers
- Our commercial property management continues to thrive under Courtney Page
Based on our recent statistics, we are very pleased that our newsletters continue to be highly relevant to our Owners and Tenants. If you missed some of the articles, here are our most popular blogs worth reading:
– An In-Depth Guide for Viewing an Investment Property
– Property Management Fees Explained: What Does It Include?
– What is Landlord Insurance and Why You Need It?
– A Guide on How to Prepare for Property Inspection
– Utility Charges Explained: Who Pays for What?
– Compulsory Compliance for Rental Properties in WA
– How Do You Protect Your Bond?
– 10 Features of Great Investment Properties
– Comprehensive Guide to Renting with Pets
We continue to serve this industry with a renewed commitment and passion in the next financial year. And if you need any further assistance, please feel free to reach out to me or our team – we will do our best to assist you.
