Land Report provides one-stop-shop for Perth property information

UDIA was pleased to partner with The West Australian to deliver The Land Report lift out in the Weekend West and The Sunday Times last weekend.  Featuring the latest new land market data from UDIA as well as a range of information and advice to new home buyers, the feature is a must read for anyone interested in the Perth property market.

If you missed it, you can view the complete lift out here.

For a quick snapshot of the latest land market trends, watch our one minute video here.

Forecast dwelling commencements to recover

The Housing Industry Forecasting Group (HIFG), of which UDIA is a member, has confirmed its forecast for 19,500 dwelling commencements for the year 2017-18. In their mid-year report released today, the HIFG says that they expect dwelling commencements will recover to 21,000 in 2018-19. This is based on indications of a moderate recovery in population growth, employment conditions and improved consumer and business confidence.

Full report here.

Urban Intelligence reflects fragile market

UDIA’s monthly Urban Intelligence report was released to members earlier this week, providing a run down on all the latest data and trends impacting on the property market. Some of the key figures include the unemployment rate rising to 6.9% (seasonally adjusted); the consumer price index increasing by 0.9% over the year; and retail turnover increasing a minor 0.2%.

Overall, the economic recovery remains slow and the property market is showing incremental signs of growth.  The full report including UDIA’s feature article on how the federal and state budget could impact on the market can be found here.*

*You will require your UDIA Member login to view the full report.

ATO Member Briefing on GST

UDIA hosted a Member Briefing this morning on the recent changes to GST at Settlement that will come into effect as at 1 July 2018.  The new measure was announced in the Federal Budget in 2017-18 and was introduced to improve the integrity of the GST system for certain property transactions.

The briefing included presentations from Hoa Wood, the Assistant Commissioner, Tax Counsel Network, ATO and Christiane Volaric, the Risk Stratigis in the ATO’s Indirect Tax business line.

The presentations provided a comprehensive overview of the key features of the measure, including the scope of the withholding obligation; the two new online forms that will be introduced; and the transitional arrangements.

Thank you to Lavan for hosting this event at their offices including spectacular views of the Swan River!

Slides from the presentation can be found here

A podcast on the changes can be found here

CBA infrastructure investment figures reflect disparity

UDIA attended a very informative briefing by CBA Property Finance and Y Research yesterday that provided insight into key economic drivers and what’s next for property in WA. Significantly, the presentation showed that the Federal Government has committed $195 billion to transport infrastructure funding for the period 2018-26 nationally.  51% of that funding is to rail projects but what is concerning, is that only 2% has been allocated to infrastructure in Perth. Perth’s significantly lower infrastructure allocation is despite the fact that WA’s share of population growth between 2018-2026 is expected to be 19%.

These figures have clearly highlighted the unfair distribution of infrastructure funds that is occurring, with Perth missing out on a significant amount of funding.  UDIA will be undertaking more detailed research into this issue as we believe sufficient infrastructure investment is critical for the future development of our city and more broadly our state.

Golf Day fun!

UDIA’s popular annual Golf Classic was held at Joondalup Resort last Friday and players enjoyed a beautiful sunny day.  Congratulations to our winning teams:

1st Place:  Rowe Group Team 2; Sean Fairfoul, Alan Francis, Andrew Monk & George Pampacos with a score of 56.734

2nd Place:  Lendlease Team; John Meredith, Kyle Jeavons, Robert Jones & Jacob Abbott with a score of 58.375

3rd Place:  Pritchard Francis Team 2; Richard Hatton, Matt Callaghan, James Leiper and Alistair Eyers with a score of 58.968

NAGA:  Frasers Property Australia Team 2; Fiona Johnson, Tom Mellor, Michelle Mrzyglocki and Peter Stack with a score of 84.125

Thanks to our generous sponsors a range of novelty hole winners and prizes for best dressed and business card draws were also announced throughout the day.

Thank you to Major Sponsor Gough Recruitment; Novelty Hole Sponsors Hanson, UPD, Richard Noble, MGC Civil and Longreach Recruitment; and Drinks Cart Sponsors Macquarie Bank, Tranen and Stockland.

All the photos from the day can be viewed here.

If you are keen to participate in this fantastic event next year, save the date! We are booked in for Thursday 16 May 2019, with more details to follow closer to the day.

Open House Perth – opportunities to participate

Don’t forget to sign-up for Open House Perth 2018! Scheduled for 10th – 11th November, Open House Perth is a not-for-profit initiative providing access to WA’s best architecture and design, for free.

Join the event this year as an Open House Perth destination or sponsor. Organisers are currently confirming new locations for the 2018 event. Sign-up your destination today for review.

Sign-up now here

If you would like to find out more about becoming an Open House Perth sponsor please follow the link here.

BCEC Labour Report

The latest labour market update from the Bankwest Curtin Economics Centre (BCEC) reflects the fragility that remains in the broader WA economy as we slowly enter into recovery mode.  In particular, a study by BCEC into the future of work in Australia highlights the rise in ‘precarious work’ where job security and poorer work conditions are prevalent.

Positive figures from the update include the rise in Employed Persons in WA (up 1.4%) and the rise in participation rate figures (in particular females up 2%).

The full report can be downloaded here.

Call for nominations: WAPC and Committees

The WAPC is inviting suitably qualified people to apply for various positions on the WAPC Board, Statutory Planning Committee and the Executive, Finance and Property Committee.  More detailed information can be found here.