NSW property industry defies expectations on growth
The NSW economy is poised to defy expectations of a national slowdown, according to a new survey of the State’s property industry.
The ANZ/Property Council Survey is the nation’s leading measure of industry confidence, with over 1,9 respondents across Australia, including 600 in NSW.
“The NSW property industry has a decisive and upbeat attitude to expectations about economic growth in the nation’s largest state,” NSW Executive Director Glenn Byres said today.
“There are concerns emerging about the prospects for national economic growth – but the industry believes NSW has a rosier outlook.
“Expectations of positive growth in NSW rose from 120 to 127 in the past quarter – on an index where 100 is neutral – at the same time expectations on national growth slipped to 103.
“In fact, overall property industry confidence in NSW is the highest in the nation for the fourth consecutive quarter and has sat above the national average for over two years.
“We are the only state in the nation expecting continued cap rate compression on both prime and secondary-grade office assets. Expectations around work schedules and staffing are also strong.”
For comment:
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Glenn Byers |
David Cannington |
Full results available at www.propertyoz.com.au/confidence