Property Sector confidence at all-time high in the Capital
ACT Executive Director of the Property Council, Adina Cirson has said that new ANZ/Property Council Survey results show confidence is booming in Canberra with strong results across nearly every part of the sector for the upcoming quarter.
According to the latest ANZ/Property Council Survey – the leading business sentiment index – the ACT jumped 8 points to 146 - which has steadily been increasing from a low of just 94 points in 2013.
“Confidence has now consolidated across nearly every single segment of the property market with capital value expectations in housing, retail, office, industrial, retirement and hotel all headed skywards,” Ms Cirson said.
“Not only is our own confidence at an all-time high – it is also outstripping nearly all jurisdictions in Australia ahead of the national average of 141 points and only one point behind the leader - NSW. National and Territory growth expectations are also on the way up again.
“We have been watching the survey results closely in recent quarters, with some concern that confidence in the market had steadied after significant growth – but this quarter demonstrates we are continuing to feel confident in the level of activity in the property market and expectations continue to grow when looking at capital growth.
ANZ/Property Council Survey – December quarterly results – Australian Capital Territory
“Despite a slight drop in staffing level expectations this quarter, the ACT remains ahead of all other jurisdictions and comes off a significant increase over the last 12 months,” Ms Cirson said.
Foreign investment and sales expectations are down again this quarter – but remain in line with national indicators. Concern also continues to grow about the ability of the Federal Government to manage and plan for growth – in stark contrast to views about the Territory Government which is on the increase again.
“I think what we are seeing is the Canberra business sector saying that stability in the local government has returned, with key government appointments finally made. Business is feeling confident again with the Territory’s ability to get on with the job. However, the uncertainty created by the federal government in its public service relocation threats are now clearly being shown in the market and is starting to hurt Canberra,” Ms Cirson said.
“Concern around availability of debt finance has eased, but remains in the negative this quarter, following the trend across the nation. Concerns of an interest rate increase have also settled somewhat in the last six months.
“Overall, the quarterly results demonstrate that the ACT is in a strong position as we close out the year – making it a great place to invest and do business in,” Ms Cirson concluded.
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence
Media contact: Adina Cirson |E [email protected]