Property industry readies itself for urban renewal
A quarterly check of the ACT property sector’s pulse finds confidence is on the rise, but the Property Council of Australia isn’t cracking open the champagne just yet.
The ANZ/Property Council Survey for the December 2015 quarter finds confidence has grown by four points in the last quarter and eight points in the last twelve months.
The local industry’s confidence index is now at 135 points. A score of 100 is considered neutral.
However, the Property Council’s ACT Executive Director, Catherine Carter, remains cautious about the health of the local industry.
“The survey finds more positivity around forward work expectations and staffing levels. The industry is clearly readying its workforce for when the jobs land,” Ms Carter says.
“While there is forward work in the pipeline – notably Denman Prospect, West Belconnen and eventually along Northbourne Avenue – we think some of the upswing in terms of the positive outlook can be attributed to our highly-experienced local industry picking up significant jobs interstate.
“This underscores the depth of talent and skill in our local industry – which is in demand across the nation. However, it doesn’t fully reflect the state of the local market, which remains subdued.”
The quarterly survey polled over 2,200 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.
Confidence in the ACT Government remains in negative territory, and Ms Carter says there is general consensus that the industry faces a few more tough years ahead.
“Given the lack of Commonwealth investment, now is the right time for us to focus on urban regeneration – and some local companies are already positioning themselves in preparation for large-scale urban renewal.
“The ACT Government has an unmissable opportunity to embrace urban renewal by introducing policies that will facilitate the recycling of C and D grade office buildings. This will create jobs and economic uplift across the ACT, while breathing new life into Canberra’s city and town centres,” Ms Carter concludes.
Media contact: Catherine Carter | M 0412 330 079 | P 02 6248 6902