Property industry confidence positive and steady

Optimism about the prospects for economic growth has maintained confidence among the NSW property industry, according to a new survey.

The ANZ/Property Council Survey is the nation’s leading measure of industry confidence, with almost 1700 respondents across Australia and 632 in NSW this quarter.

Confidence levels in NSW rose from 142 to 143 in the past quarter – on an index where 100 is neutral – and the nation-wide average was 131.

“Expectations around NSW state economic growth are higher than all other large states, and reflect three consecutive years of positive sentiment”, NSW Executive Director Jane Fitzgerald said.

“While confidence remains high, the cooling in sentiment over the past 12 months is a signal that policymakers need to follow through on planning reform to turbocharge housing delivery.

“Although expectations of capital growth across all asset classes remain positive, perceptions of housing capital growth has flattened out, and fallen 42 points from the September 2015 quarter.

“The warning signs for the housing market are amplified by the significant fall in expected construction activity.

“The success of the State’s property industry is crucial for the NSW economy – creating one in 10 jobs and generating over 10 percent of the State’s economic growth.”

“The NSW economy relies on a strong housing market, and we hope to see moves to address constraints on new residential development prioritised in 2016.”

 

Media contact:  Jane Fitzgerald  |  M  0419 257 835  |   E  jfitzgerald@propertycouncil.com.au