Uncertainty remains in the Property Sector 

After three consecutive negative quarters, property confidence has increased across the NT, according to the latest ANZ/Property Council Survey.

Overall, property confidence gained 6 points from 105 in the December quarter to 111 for March 2016.

The Property Council of Australia’s Director Northern Territory Ruth Palmer said “Over the long-term, confidence levels have been trending slightly down from historically high levels, however we have seen confidence levels improve recently.

“Despite the volatility in the property market and with both rents and fuel prices down, the State Economic Growth expectations have improved.

“With this volatility, the banks have been getting stricter on their lending requirements resulting in a decrease Debt Finance Availability expectations.

“Residential, Commercial and Retail growth expectations remain weak and we don’t expect that to change in the short-term.

“Despite the weakness across the property sector, we are starting to see an increase in sales activity and there are certain indications that we may see some improvement this year, particularly in the residential sector.”

Media contact: Ruth Palmer | E rpalmer@propertycouncil.com.au