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Growing confidence for Queensland’s biggest industry

The confidence levels of Queensland’s property industry have lifted for the fourth consecutive quarter, according to the latest ANZ/Property Council Survey.

Confidence in Queensland rose by six index points over the December quarter results, from 128 to 134 (with 100 being neutral). Despite rising confidence, Queensland remains behind all other Australian states apart from Western Australia, with Victoria and New South Wales sitting at 145 and 147 index points respectively.

Property Council Queensland Executive Director, Chris Mountford, said that whilst the quarterly result was positive, bolder action is needed to close the gap on Australia’s east coast competitors.

Over the last twelve months, Queensland has experienced a healthy 14 index point rise in confidence. However, worryingly, the survey found that Queensland’s forward work schedule expectations for the next twelve months are the lowest in the country.

Across all industry sectors, the latest quarterly results have shown that Queensland industry’s capital growth expectations are on the rise. Both residential and commercial property have recovered to a healthy level of expected growth after recent declines.

Most notably, the results indicate Queensland has the highest expected level of retail capital growth of any Australian state tracked.

“The results show a sunny outlook for Queensland, but also reveals an increasing amount of daylight evident between us and the other major states,” Mr Mountford said.

“As we head into a State Election, it is critical that Queensland policymakers embrace policies which will unlock growth, create jobs and build confidence.

“A greater level of infrastructure investment is key to supercharging our recent confidence boosts.

“Despite these positive results, Queensland can’t afford to rest on its laurels.”

 

To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence

Media contact: Chris Mountford   |   E  cmountford@propertycouncil.com.au