Roadmap needed to secure Queensland’s pathway forward

The latest results from the ANZ/Property Council Survey show a dip in confidence levels in Queensland’s property sector, resulting from snap lockdowns, mandatory mask wearing in the workplace, and ongoing border closures.

Property industry sentiment in Queensland dropped from 147 points in the June 2021 quarter, to 135 index points in the September 2021 quarter. A score of 100 points is considered neutral. The result reinforces the need for a Queensland Government roadmap to provide certainty on when and how restrictions will be eased and the economy fully reopened.

Property Council Queensland Executive Director, Jen Williams said, with the festive season fast approaching, retail and tourism businesses would typically be gearing up for a much-needed shot in the arm so that they can get through the busy period that the end of year usually brings.

“While industry sentiment is still positive, businesses are unable to withstand the financial and psychological burden of changing restrictions. Many are struggling to survive or holding off on expansion or growth plans until there is greater certainty on when ‘COVID-normal’ can expect to be reached,” Ms Williams said.

“Other states have now clearly indicated when remaining restrictions will be eased and how their states plan to live with COVID. Queensland risks being left behind if it does not move quickly to provide certainty to businesses that rely on the national and global economy for survival.

“And while Queensland is the envy of the nation- with a golden decade of opportunity ahead- the survey highlights several near-term challenges that must be addressed to fully leverage the long-term opportunity.

According to the latest ANZ Survey results, the most critical issue to be addressed by QLD state government is housing supply and affordability, followed by planning and regulation reform.

“Interstate migration, government stimulus and changing consumer preferences have combined to create a severe shortage of readily available greenfield land. Unless considerable resources are thrown at addressing this shortage, our state will not be able to accommodate the expected influx of interstate and international migrants once our borders are reopened.

“Brisbane’s CBD has proven to be incredibly resilient throughout the pandemic, with office occupancy rates hovering around 70 per cent of pre-COVID levels through the first half of 2021. However, unexpected lockdowns and health restrictions in August saw this rate drop by 10 per cent, reinforcing just how reliant on certainty our economy is.

“To ensure our economy is best placed to take advantage of the state’s health success during the pandemic, and capitalize on the unparalleled opportunity of the Olympics, a clear vaccination target and roadmap to reopening is urgently needed by businesses and the community alike.”

Ends.

To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here. To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, click here.

Media contact: Jen Williams|  M  0448 432 936 |   E  [email protected]