Market Analysis

Property Valuation and Advisory Services - PVAWA

Perth CBD Office Snapshot – February 2021

Market Overview - Perth CBD Office - PVA WA

Perth CBD Office Snapshot February 2021

While the WA economy is performing well compared with many other states and territories, and COVID-19 has caused less disruption to the state than in many parts of Australia, the Perth CBD office market has, nevertheless, responded negatively to national and global events.

In 2018 and 2019 there were signs that the Perth CBD office market was recovering after a downturn which had lasted for more than five years. In 2018 and 2019, vacancy rates had been declining, sub-lease space was at low levels, there was positive net absorption (demand), incentives were starting to decline, rents were starting to increase, and yields were firming. 2020 has seen a reversal to some of these trends. According to the Property Council of Australia’s February 2021 Office Market Report, the total vacancy rate increased during the year from 17.5% to 20.0%, sub-lease space increased from 6.6% of total vacancy to 7.6% and 12 month net absorption decreased from +48,945 square metres in December 2019 to -45,098 square metres in December 2020.

For more information on the Perth office market, read our full report, or contact our office to speak to Gavin Chapman

Tel : 6500 3600
Email : info@pvawa.com.au
Web : www.pvawa.com.au

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Property Valuation and Advisory Services - PVAWA

Superannuation Audit Alert – August 2020

Property Valuation and Advisory Services | PVAWA 

Superannuation Audit Alert 2020

According to a recent media release, Self Managed Superannuation Fund (SMSF) auditors will need to check closely that assets in SMSF portfolios are held at market value for the 2020 tax year.  Under regulation 8.02B of the Superannuation Industry Supervision Regulations 1994, SMSF trustees are required to value fund assets at market value in the financial statements.  

Auditors of SMSFs are required to ensure that they obtain sufficient evidence to support any determination of market value made by the trustee of a SMSF.  The property industry has been thrown into turmoil since the onset of COVID-19, making it more difficult for trustees to establish market value for various asset classes.  The easiest and safest way of establishing market value is with an independent valuation by a Licensed Valuer. 

Our team of valuers at Property Valuation & Advisory have extensive experience in the valuation of property assets. 

Click on the link below to view our full statement regarding this topic: 

Read our full report or contact our office to speak to Gavin Chapman 

Tel : 6500 3600
Email : info@pvawa.com.au
Web : www.pvawa.com.au

Property Valuation and Advisory Services | PVAWA

Perth CBD Office Market Snapshot – August 2020

Property Valuation and Advisory Services - PVAWA

Perth CBD Office Market Snapshot August 2020

While the Perth CBD office market in general remains subdued, Premium grade buildings continue to perform well, with positive demand and fewer vacancies. The longer term impacts of COVID-19 on the Perth CBD office market are, as yet, unclear, and will depend on the effectiveness of Government stimulus packages and containment of the virus. The JobKeeper stimulus package, which has been extended to the first quarter of 2021, should help to keep the office market stable during these times of uncertainty.

During the first half of the year the office vacancy rate in the Perth CBD increased to 18.4% from 17.5% in January 2020. While secondary space vacancy increased from 24.5% to 26.9% during this time, prime space vacancy decreased from 12.5% to 12.2%. In particular, demand for Premium office space in the Perth CBD remains high, while demand for lower grades of office space continues to be subdued. Leasing enquiry remains strong.

For more information on the Perth office market, read our full report, or contact our office to speak to Gavin Chapman

Tel : 6500 3600
Email : info@pvawa.com.au
Web : www.pvawa.com.au

Property Valuation and Advisory Services - PVAWA

Annual Rating & Land Tax Assessment – July 2020

Annual Rating & Land Tax Assessment July 2020 - PVA WA

Annual Rating & Land Tax Assessment – July 2020

As a property owner, you would have recently received your annual rating and taxing notice for 2020/2021. It is worth reviewing the determined value of your property (either Gross Rental Value (GRV) or Unimproved Value (UV)) to ensure you’re not overpaying relative to other property owners.

For a nominal initial fee Property Valuation & Advisory (WA) can review your assessed value(s) and advise if an objection, which is to be lodged within 60 days of issue of notice, is warranted.

If the initial review identifies an opportunity to mount a viable objection to the assessed value, a detailed assessment can be undertaken at a negotiated fee and a formal objection process can be pursued.

Early intervention and pre-assessment negotiation has proven to be a highly cost-effective solution.  We have significantly reduced property tax imposts before disputes progress from objection to appeal.

Our experience has shown us that statutory assessments used for rating and taxing purposes do not always reflect market conditions or movements as at the valuation date, and do not always adequately reflect the particular idiosyncrasies or constraints that a property might possess.  It is imperative that all of these factors are understood and reflected to arrive at a correct assessment which does not overstate the value of the property for rating and taxing purposes.

Please contact us to discuss how we might be able to assist you.

Tel : 6500 3600
Email : info@pvawa.com.au
Web : www.pvawa.com.au

or complete your details in the quote tab on our website home page and one of our experienced team of professional valuers will get back to you.

Property Valuation and Advisory Services - PVAWA

Update on response to COVID-19 – 26 June 2020

Property Valuation and Advisory Services - PVAWA

Update on response to COVID-19, 26 June 2020

As WA starts to return to more normal levels of living and working, we would like to inform you that PVA(WA) staff have now returned to working in the office, and continue to operate ‘business as usual’.

We look forward to hearing from you should you wish to assess the value of your property.

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Property Valuation and Advisory Services - PVAWA

Market Overview – Some Areas of Interest for the Property Market

Some Areas of Interest for the Property Market - PVA

As 2020 Gets Underway –Some Areas of Interest for the Property Market

January is always a slow business month as people drift back to work after the long school holiday period. So, as we enter February, a belated Happy New Year to everyone.

We would like to share with you some areas of interest for the property market this year.

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Property Valuations & Advisory (WA) is an independent provider of quality valuation and advisory services. PVA(WA) has a wide range of specialisations including: Commercial, retail and industrial; residential development including land subdivision and apartments; prestige residential; aged care; retirement living; medical; education; tourism and licensed premises; wineries and vineyards.

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
08 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Property Valuation and Advisory Services - PVAWA

Market Overview – West Perth Office Snapshot – August 2019

Market Overview –West Perth Office Snapshot - PVA

West Perth Office Snapshot

August 2019

In contrast to the Perth CBD, West Perth has yet to respond to changes in the economy. Its office market is characterised by static supply, falling demand and an increasing vacancy rate.

Read Full Report

Property Valuations & Advisory (WA) is an independent provider of quality valuation and advisory services. PVA(WA) has a wide range of specialisations including: Commercial, retail and industrial; residential development including land subdivision and apartments; prestige residential; aged care; retirement living; medical; education; tourism and licensed premises; wineries and vineyards.

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
08 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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Property Valuation and Advisory Services - PVAWA

Market Overview – Western Australia Tourism

Western Australia Tourism - Property Valuations & Advisory (WA)

Western Australia Tourism 

May 2019

Western Australia has faced particular challenges in the tourism and tourism accommodation sectors since the downturn in its economy in response to a softening in the resources sector. However, the latest data to be published by Tourism WA shows encouraging signs for the tourism sector, particularly in the domestic market.

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Property Valuations & Advisory (WA) is an independent provider of quality valuation and advisory services. PVA(WA) has a wide range of specialisations including: Commercial, retail and industrial; residential development including land subdivision and apartments; prestige residential; aged care; retirement living; medical; education; tourism and licensed premises; wineries and vineyards.

For further details please contact:

Gavin Chapman - Managing Director
gavin.chapman@pvawa.com.au
08 6500 3600

Property Valuation & Advisory (WA)

Unit 2, 168 Stirling Highway, Nedlands WA 6009

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