WA commercial property sector pushing through COVID-19 gloom

Between the lines, a report released by Ray White on Thursday revealed that despite the uncertainties brought on pandemic, WA has recorded a $5.3 billion in commercial sales turnover for the 2019-20 financial year.

High investment levels were seen for the commercial office market for 2019-20 according to research which saw $1.9b in recorded transactions, a 52% growth on the previous year. The report also noted that WA was well positioned to outperform other economies as Perth office markets heavily rely on the mining and engineering sector.

“WA’s market was just starting to kick off right before COVID hit, after being flat for five years. Our State has dealt with COVID well and our markets pretty much picked up where it left off,” Said Ray White’s Commercial director Stephen Harrison.

This is a brief summary of the article ‘Property shines in reports’ by Meilin Chew | The West Australian | Thursday 23^rd July 2020.