ACT property industry sentiment dips

The latest Property Council/ANZ Property Industry Confidence Survey shows a shift in sentiment from 111 on the index for the March 2014 quarter to 103 for the June 2014 quarter. A score of 100 on the index is considered neutral.

The quarterly survey polled approximately 2,0 property industry professionals across all Australian states and territories on their forward-looking views regarding the business and political environment, the economy, employment intentions and other factors.

Property Council ACT Executive Director, Catherine Carter, says the latest survey shows ACT property industry sentiment has slipped from more positive territory reported in the March 2014 quarter.

ANZ Head of Property Research, Paul Braddick, says property confidence in the ACT was largely reflecting a soft outlook for state economic growth, property construction and property sector employment.

“While the ACT economy has proven to be quite resilient, confidence has likely been weighed down by the planned Commonwealth Government’s fiscal repair and the likely associated public sector job losses.

“In addition, the pipeline for ACT residential property construction is subdued compared to other states and territories, following a soft office property outlook and the slowdown from the recent housing construction boom.”

For comment:

Catherine Carter, Property Council of Australia ACT Executive Director, 0412 330 079

Paul Braddick, ANZ Head of Property Research, 03 9273 5987