Property industry vital to the state’s economic recovery
The latest ANZ/Property Council Survey has shown NSW property industry confidence has slightly lifted since the last survey conducted in April 2020, which reflects an increased positivity across property sectors due to the easing of COVID restrictions over the last few months.
NSW property industry confidence has increased 11 index points from 65 to 76 over the quarter, with all states and territories across Australia showing an uplift in sentiment. A score of 100 is considered neutral.
“The last few months have been a challenge for all sectors across the property industry, managing this crisis has been a tough time for all businesses, so it is good to see that there has been a uplift in sentiment and there is a positive light in this,” Property Council NSW Executive Director, Jane Fitzgerald said today.
“It is clear however that we aren’t out of the woods yet and this is a reminder of the significant impacts that the COVID-19 crisis has had on many businesses and will continue to do so with forward work schedule and growth expectations still in negative territory.”
|
Index |
Overall Context |
Quarterly Result |
Quarterly Change |
Comment |
|
Confidence Index |
NEGATIVE |
UP |
65 to 76 |
An increase of 11 index points over the quarter |
|
State Economic Growth |
NEGATIVE |
UP |
-79.5 to -57.7 |
Despite an increase over the quarter, sentiment remains in negative territory |
|
State Govt Performance |
POSITIVE |
UP |
2.4 to 28.4 |
Second highest sentiment on record |
|
Debt Finance Availability |
NEGATIVE |
DOWN |
-12.0 to -14.8 |
The result is in line with national trends |
|
House Capital Growth |
NEGATIVE |
DOWN |
-24.2 to -42.1 |
Despite a large decrease over the quarter, the result |
|
Forward Work Schedules |
NEGATIVE |
UP |
-15.8 to -7.1 |
Slightly more optimistic sentiment recorded over the quarter |
|
Staffing Levels |
NEGATIVE |
DOWN |
-11.4 to -12.1 |
The lowest staffing level result on record |
“The support of the NSW Government to keep construction going and ensure that we have a strong future pipeline of work is more important than ever, not only to ensure we can continue to keep people in jobs, but to also support the overall economic recovery of NSW.
“The NSW Government’s Planning System Acceleration Program and creation of the new Planning Delivery Unit are the types of reforms and programs the government needs to continue implementing to create a more efficient and productive planning system which in turn encourages investment and increased construction activity.
“The extra support, leadership and confidence from Government needs to continue not only in improving the planning system but also in getting people back into our CBDs and into offices to activate city centres and support local businesses, creating vital economic activity for Sydney and our regional areas both directly and indirectly.
“We must continue to be vigilant – there is still a long road ahead and we need to keep working together as an industry to tackle these challenges and support local government, to provide greater certainty for the community, businesses and the property industry.”
To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here.
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, click here.
Media contact: Anita Hugo | M 0439 253 710 | E [email protected]