The latest ANZ/Property Council Survey has revealed that in the wake of higher interest rates and rising inflation, confidence across Queensland’s property industry has remained resilient.
The survey of Queensland Property Council members found the overall Confidence Index dropped 21 points in the June quarter, yet remained in positive territory (119 index points). A score of 100 in the Confidence Index is considered neutral.
Queensland Executive Director of the Property Council Jen Williams said despite current headwinds, the results were encouraging as sentiment remains positive, and the industry has strong future plans.
“The flu season, COVID, and ongoing skills and material shortages, continue to take their toll on the property industry,” Ms Williams said.
“Despite this there is still a great deal of confidence in Queensland’s property industry.
“We know this because we can see the solid pipeline of forward work expectations in Queensland, driven by strong demand.
“The drop off in the latest results is unsurprising, given external factors such as rising inflation, interest rate increases and disrupted supply chains.
“The decline in expectations around residential construction however is a concern, particularly given the recently released Census data that shows just how popular Queensland has become.
“People are moving to Queensland at a rapid pace, and with the Brisbane 2032 Olympic and Paralympic Games confirmed, Queensland is the place to be.
“Consistent with previous surveys, housing supply remains the most pressing critical issue for governments across the country.
“With residential demand in Queensland continuing unabated, more must be done at a state and local government level to unlock supply and ensure we have the housing needed to support our current population and house our future workforce,” she said.
ENDS