Confidence and certainty key to property industry’s outlook in 2019

The Property Council of Australia has cautioned that confidence and certainty are key to the industry’s success in Victoria in 2019, even though economic fundamentals remain strong.

Attendees at the Property Council’s Property Outlook event will today hear from industry experts on their expectations for the coming year across different sectors in the property industry.

Victorian Executive Director, Cressida Wall, said that the Victorian property industry’s confidence levels were down but the economy remained strong, driven by sustained population growth.

“Lending restrictions introduced to cool the residential investment market and the financial services industry regulating its lending practices in anticipation of the findings of the Royal Commission have led to an uncertain start to the year,” said Ms Wall.

“We’ve now seen the recommendations of the Royal Commission and we welcome the initial response of both the Federal Government and Opposition. Restoring trust, better consumer outcomes, maintaining the flow of credit and promoting competition are critical.”

In Victoria, the recent state election delivered a Government with a clear majority and a mandate to deliver significant infrastructure investment across metropolitan Melbourne.

ABS figures from November 2018 estimate that Victoria’s 6.3 million-strong population will pass 8 million by 2027 and CommSec’s State of the States report places Victoria in top spot nationally for economic growth, retail trade, unemployment and construction work done.

“There’s plenty to celebrate in Victoria, and plenty for the property industry – the state’s largest employer and most significant economic contributor – to look forward to. It’s vital that both state and federal policy makers partner with industry to leverage our strong position,” said Ms Wall.

Media contact: Cressida Wall | M 0415 831 603 | E cwall@propertycouncil.com.au