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Five reasons why confidence is up 

South Australia has delivered the nation’s highest level of property sector confidence for the fourth consecutive quarter – and here are five reasons why.

According to the latest ANZ/Property Council Survey, statewide confidence in South Australia sits at 144 index points for the March 2019 quarter, maintaining its nation-leading position last quarter. The survey includes responses from property industry professionals from South Australia and across the country.

“While every other jurisdiction has recorded a drop in confidence since last quarter, South Australia has remained steady and is still the most confident market in the nation,” said Property Council SA Executive Director Daniel Gannon. 

“Confidence levels are 24 points above South Australia’s historic average, and currently sit 21 points above the national average. Similarly, State economic growth expectations are also significantly higher than most of Australia.

“Importantly, confidence levels in South Australia are 21 points above the nation’s strongest economy in Victoria.

“This is an important signpost for the rest of the country – South Australia is on the march.”

Mr Gannon has provided five reasons for confidence sitting at historic levels:

  1. At the time of the survey, Adelaide was deep in negotiations to become the new home of the Australian Space Agency – a major catalyst for investment and economic opportunity.
  2. 12 full months of positive confidence in the State Government to plan and manage growth – now they must deliver.
  3. Ongoing growth and confidence in South Australia’s residential sector continues.
  4. The state’s investment future brightened when defence spending augmented, having generational benefits.
  5. An important first step has been taken to reform land tax, with a budgeted $96m commitment to raise thresholds and lower rates.

“The survey’s results also revealed that South Australia’s residential property sector recorded an increase in residential capital growth expectations and was the only jurisdiction in the country to do so,” said Mr Gannon.

“Confidence in the State Government to manage the economy has remained in positive territory for the fourth consecutive quarter. This means there is goodwill across the sector, but it also means the new Government needs to deliver its vision to reform and rebuild.”

Other findings from the survey include:

  • National economic growth expectations are higher in South Australia than any other jurisdiction.
  • Expectations around staffing levels for the next 12 months have increased significantly since the last quarter.
  • South Australia and Western Australia were the only states to record an expected increase in retail sector capital growth expectations.

 

Confidence Index March 2019

 

Media contact:
Daniel Gannon | M 0421 374 363 |  E dgannon@propertycouncil.com.au