Cautious optimism for ACT property sector
New figures released today indicate a positive shift in business confidence for the ACT.
According to the latest ANZ/Property Council Survey, the ACT recorded a 7 point increase in business sentiment for the 12 months to December 2016, following a 4 point fall last quarter.
Acting Executive Director of the ACT Property Council Belinda Ngo said the December 2016 quarterly results reveal a growing optimism across the nation, with the ACT tied with NSW as the leading jurisdictions for business confidence at 142 points.
“The ACT results show very positive signs for the city, with growth projected in forward work schedules and asset values across all property sectors.
“The greatest increase in capital growth projections was in the hotel and tourism sector, which has benefited from the recent opening of the Canberra International Airport.
“Whilst the December numbers are positive for the ACT, the volatility in the results from quarter to quarter suggests the local business environment remains fairly fragile and cautious.
“This cautiousness is also evident in the falling staffing level projections – a sign that businesses are reluctant to lock themselves into long term labour costs.
“It will be critical for the incoming Government to put in place the right policy settings that will boost business confidence and support long-term investment and growth.
“We look forward to working with the Government to continue to attract investment and activity to Canberra.”
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence or download the Chartbook below.