ANZ/Property Council survey sees confidence dip, sparking call for action on construction

Broad economic conditions have caused confidence to dip in NSW’s property industry according to the latest ANZ/Property Council survey, sparking a call for governments to press on with reform and provide certainty to industry.

The Property Council’s NSW Executive Director Luke Achterstraat said although there was a confidence dip in the broader outlook, NSW still had more cranes in the sky than anywhere in the world and overall sentiment was in positive territory.

“It comes as no surprise that confidence has taken a hit given the current global factors affecting the market from viruses, inflation, energy and materials costs to labour shortages,” Mr Achterstraat said.

“Despite the external challenges we are facing as a state, we still have the most cranes in the sky in the world and we are pushing on.

“It was pleasing to see the NSW Government proceed with Stage 2 of the Parramatta Light Rail and commit to fast-rail from Sydney to the Hunter and Central Coast.

"Now is the time to lead with a productivity agenda that backs the construction sector.

“All options need to be considered by government including measures to boost workforce participation in construction including women and indigenous people, regulatory certainty and appropriate tax settings.”

Mr Achterstraat said that long-term fundamentals remained strong with the confidence index dropping from 138 to 112, which is still in positive overall (with 100 being neutral).

“Consistent with previous surveys, housing supply remains the most pressing critical issue for governments to solve at both the federal and state levels.

“Knowing this, our government should continue to push forward with measures that increase housing supply and confidence throughout the state.

“The industry has a positive view of the NSW Government, so it is essential this goodwill is not squandered but met with action by government.”

Media contact: Aidan Green | M 0491 030 028 | E [email protected]