NSW property industry on watching brief
NSW continues to lead national confidence levels across the property industry but is keeping a watching brief for softening conditions in the residential sector, according to a new survey.
The ANZ/Property Council Survey is the nation’s leading measure of industry confidence, with over 2,200 respondents across Australia and 728 in NSW this quarter.
Confidence levels in NSW dipped slightly from 146 to 144 in the past quarter – on an index where 100 is neutral – but are well above the nation-wide average of 130.
“The State has the nation’s highest economic growth expectations and strongest rating for government performance – reflecting progress on infrastructure and managing Sydney’s growth,” NSW Deputy Executive Director Felicity Wilson said.
“This gives the market confidence and translates into very positive forward work schedules and staffing levels.
“The one area of wariness comes in the residential sector – so crucial to the State’s economic fortunes and a stellar performer in recent years.
“There are clear expectations that the high capital growth in recent years will taper.
“With an audit by the Property Council this year showing Sydney is on track to fall some 190,000 homes short of what is needed over the next decade, maintaining a strong and sustainable housing supply pipeline is crucial.
“Regulatory hurdles arising from a slow and inefficient planning system are felt more acutely when demand softens.
“It makes the case for movement on planning and strata reform more urgent than ever.”
Media contact: Felicity Wilson | M 0410 2 980 | E [email protected]