Sentiment remains high across Queensland s property industry

Sentiment remains high across Queensland’s property industryQueensland’s property industry has maintained its position as the second most optimistic in the country according to Australia’s largest business confidence survey, the ANZ/Property Council Survey.Over the past quarter, Queensland has experienced a seven point rise in confidence up to 143 on the index – eight points above the national average, says Acting Queensland Executive Director of the Property Council of Australia Chris Mountford.The survey polled over 2,0 property and construction professionals nationally, including over 460 from Queensland, for their forward-looking views.”Queensland has now recorded five consecutive quarters of sentiment above the national average and sits just behind New South Wales which has held the position as Australia’s most positive state for the past three quarters,” Mr Mountford says.”In a positive sign for the Queensland economy, respondents expect strong growth in their forward work schedule and staffing levels over the next 12 months.”Additionally, capital growth expectations for the retail, residential, industrial, hotel and retirement living sectors are firmly planted in positive territory.”As we edge closer to the 2015 State election it is critical that policymakers focus on solutions that will sustain the positive momentum the property industry is building.”One area of focus must be our CBDs. Despite a positive outlook for the industry as a whole, the survey shows a negative outlook for the commercial office sector.”This reflects the high level of office vacancy currently being experienced across Brisbane and regional cities.”CBDs are important economic hubs. For the Queensland economy to really fire we need thriving CBDs – particularly in the established centres of Brisbane and Townsville.”Tackling the challenges confronting our CBDs will require a collective focus from industry and government over the coming months.”ANZ Senior Property Analyst, David Cannington, says “while economic growth in Queensland has slowed due the decline in mining investment, economic conditions in the non-mining sectors of the economy have shown tentative signs of improvement.”In particular, improved global economic conditions and a lower AUD have provided a boost to Queensland’s tourism industry, with international tourism arrivals increasing in recent months. Housing market conditions have also broadly improved, although remain divergent across the state, with upbeat conditions in Brisbane and south east Queensland, while regions exposed to the mining and resources sectors are underperforming.”The outlook for Queensland’s commercial property sectors also reflects divergent conditions across industries, with the secondary office sector in particular weighed down by weak office employment and elevated vacancy rates. In contrast, the outlook for employment and capital growth in the retail, hospitality and health sectors are more buoyant.”Media contact:Chris Mountford Property Council of Australia, Queensland Acting Executive Director Ph: 0408 469 734David Cannington ANZ, Senior Property Analyst Ph: 03 8655 9036Full results available at www.propertyoz.com.au/confidence