Steady as she goes for property in 2015

Steady as she goes for property in 2015Business sentiment for the Victorian property sector has remained steady in the June 2015 quarter.The latest ANZ/Property Council Survey shows Victorian respondents’ sentiment decreased marginally from 132 on the index for the March 2015 quarter to 131 for the June 2015 quarter. The total index score for Australia was 131 for the June quarter. A score of 100 is considered neutral. The survey is the largest national business confidence survey and polled over 1,800 professionals from the property and construction industry nationally, for their forward-looking views. Property Council Victorian Executive Director, Jennifer Cunich, said despite a statistical decline in industry sentiment, the Victorian property industry remains optimistic about the future.”2015 will be a year defined by steady growth in an uncertain national and international economic climate,” said Ms Cunich. “Capital growth expectations across the residential, office, industrial, hotel and retail sectors all showed signs of steady progress, signifying a quietly confident industry.”Housing and commercial lead the way on our growth expectations index with scores rising to 33 and 11 points respectively. This was followed by increases in the hotel, retail and industrial sectors to twelve, eight and seven points respectively.”The property industry is Victoria’s largest employer and the third biggest contributor to Gross State Product. We are a key foundation industry for Victoria’s current and ongoing prosperity.”While the property sector is optimistic about its future, it is vital that the State Government put in place the reforms necessary to sustain industry growth going forward. “Tackling the flaws of zone reform and introducing Infrastructure Victoria are two areas which must be addressed during 2015.”If Victoria is to be the best state to invest, manage and own property, the state’s planning system and infrastructure base will need to receive the highest of Government attention.”Fast Facts: • Victorian index score: decreased from 132 in the March 2015 quarter to 131 for the June 2015 quarter; • Residential capital growth score: increased to 33 points in the June 2015 quarter from the March 2015 quarter; and• Commercial capital growth score: increased to 11 points in the June 2015 quarter from the March 2015 quarter.Media contact: Jennifer Cunich | M 03 96 8300 | E [email protected]