Property industry confidence spells good news for broader economy

Property industry confidence spells good news for broader economyAustralia’s property industry plans to hire more staff and increase construction activity, despite some mixed levels of confidence across the country.The ANZ/Property Council Survey shows overall confidence rose four points to 135 this quarter – with increases in NSW, Queensland and Victoria offsetting falls in Western Australia, Tasmania and the Northern Territory.Property Council Chief Executive, Ken Morrison, said the results boded well for the broader economy.”Overall confidence levels are up, with the property industry well positioned to contribute to economic and employment growth in 2015,” Mr Morrison said.”Even in states where confidence fell, overall sentiment remains strong and the industry expects to increase work schedules and staffing levels.”The property industry is a major contributor to economic prosperity, so uplift in property confidence is a terrific sign for the broader economy.”Capital growth is also expected to remain positive across all asset classes with residential and retirement living showing strong confidence gains.”Elevated industry confidence is also reflected in the outlook for construction activity – which is expected to increase across all asset types.”Mr Morrison said that more can be done to support the industry’s momentum.”As Australia looks to the property industry for economic heavy lifting, it is critical that policy settings are appropriate to support that growth.”Major reform agendas focused on Australia’s tax system, our federation, and environmental regulation will have a direct bearing on the property industry’s potential.”It is critical that all levels of government remain focused on realising the property industry’s full economic benefits,” Mr Morrison concluded.Media contact:Ken Morrison Property Council of Australia, Chief Executive Ph: (02) 9033 1900Full results available at www.propertyoz.com.au/confidence