More construction and jobs, but confidence falls
Despite a decline in confidence from the property industry in Queensland, there are a series of underlying positives; according to a new survey of Australia’s property industry.
The ANZ/Property Council Survey is the nation’s leading measure of industry confidence, with over 1800 respondents across the country.
“For the second consecutive quarter, Queensland experienced a fall in confidence with the figures showing a drop from 139 to 125 on the index, with a score of 100 considered neutral,” Queensland Executive Director of the Property Council of Australia, Chris Mountford says.
“This puts Queensland 6 points behind the national average, and well behind New South Wales, which has surged ahead to 149- the highest level on record.
“As expected, office capital growth expectations in Queensland continue to decline, while in New South Wales and Victoria they are pushing ahead.
“There are, however, positive signs for the other sectors over the next twelve months, with capital growth in the residential sector continuing to deliver high returns, and Queensland’s retail growth expectations topping the nation.
“While the property industry continues to get on with business, the results drawn from the survey conducted in March 2015 show that the sector is concerned about the longer term impacts of the Queensland Government’s policy settings for planning and managing growth.
“With a change in Government occurring there are obviously some concerns about what direction the new administration will take, and this has led to a fall in confidence.
“We have been encouraged by the level of engagement from the Queensland Government, however, the industry now needs certainty through continued planning reform and the Queensland Government standing by its commitment to no new or increased taxes.
“This survey reinforces the importance of governments providing stability and certainty to foster confidence for the property industry to create jobs and grow the economy.”
Media contact: Chris Mountford |M 0408 469 734 |E [email protected]