Confidence within NSW property industry has held firm in the face of uncertainty around macroeconomic conditions, with firms remaining confident in their own work schedule and staffing levels, according to the latest ANZ/Property Council survey.
The latest survey of NSW Property Council members found the overall Confidence Index increased by 9 points in the September quarter, A score of 100 in the Confidence Index is considered neutral.
Property Council’s Acting NSW Executive Director Adina Cirson said the results reveal companies have confidence in their own operations, but external factors such as interest rates and construction costs are weighing on sentiment.
“Housing supply and affordability has remained as the most critical issue surveyed as we continue to face the issues and challenges the industry brings,” Ms Cirson said.
“Confidence in the property industry is torn between the largely positive indicators within their own businesses and the swift moving uncertainties in the macroeconomic environment.
“On the one hand, work pipelines and employment expectations look strong, while on the other hand interest rates, inflation, construction costs, skill shortages and recessionary fears in Europe and the US give real cause for concern.
“While property industry confidence went up slightly, it masks these strong forces pulling sentiment in opposite directions,” she said.
Over the quarter, future staffing level projections were strong in all states and territories, with the national average sitting at 22, significantly above the historical average of 16.6. A score of 0 is regarded as neutral.
Media contact: Aidan Green | E [email protected]