PROPERTY SECTOR DRIVING JOBS, GROWTH AND CONFIDENCE IN ACT

New data released today by the Property Council indicates a significantly positive shift in business confidence for the ACT. Adina Cirson, ACT Executive Director of the Property Council, has said that the property sector is feeling confident and ready for a big year ahead.

According to the latest ANZ/Property Council Survey, the leading business sentiment index, the ACT recorded the highest shift in sentiment in the nation. The state recorded an 11 point increase for the 12 months to March 2017 – on par with South Australia.

“The March quarterly results reveal a growing optimism across many of the indicators, with the ACT one of two leading jurisdictions with business confidence at 142 points,” Ms Cirson said.

“The ACT results show very positive signs for the city with forward work schedule expectations currently the highest in Australia. This is teamed with a positive outlook for the Territory’s economic and national growth expectations, which continue to rise.

“We have also seen an increase in staffing level expectations, which had dipped in the December quarter, meaning businesses are more confident about locking into labour costs once more,” Ms Cirson said.

The Survey also revealed increasing confidence in residential capital growth expectations; however, the prospect of higher interest rates and availability of debt remain areas of concern.  There was also a slight downturn in retail, retirement living, hotel and tourism, and office capital growth. In saying this, we remain in the positive; unlike other jurisdictions which have seen a significant fall in expectations. 

“There is no doubt that the ACT is punching above its weight as the smallest jurisdiction, and it is great to see that the property sector is really holding its own.

“The time is right to enforce the proper policy settings to maintain strong business confidence. We look forward to working with the ACT Government to continue to attract investment and activity to Canberra.” Ms Cirson concluded.

Media contact:  Adina Cirson | E acirson@propertycouncil.com.au 

To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence