Australia’s property sector has once again proved its resilience as confidence levels remain at historically high levels. The ANZ/Property Council’s latest industry survey revealed that confidence in the property sector is still strong despite the less positive economic outlook.
Nationally, the Confidence index remains positive despite dropping by 5 index points in the March quarter, national confidence is currently sitting at 137 index points. ACT is leading the way in industry confidence recording 155 index points in the March survey. A score of 100 in the confidence index is considered neutral.
The survey also showed that forward working expectations are at their highest level since the survey started in 2011, recording 52.9 index points. A score of 0 index points is considered neutral. Whilst over 60% of respondents nationally believed that the effects of the pandemic will lessen over the next three months.
Despite the small decline in confidence, Property Council of Australia Chief Executive, Ken Morrison, said stronger levels of confidence throughout the industry are positive for the overall economy.
“The industry’s forward work expectations have continued to lift this quarter and so have their staffing level expectations,” Mr Morrison said
“This means that the property sector – which employs more Australians than any other sector – is set to hire more people and deliver more work, something both sides of politics should welcome as we begin the federal election campaign.”