Urban renewal reforms needed to build on confidence 

The peak body for Australia’s largest industry has revealed that confidence levels in Canberra’s property sector dropped back slightly over the last quarter, but was still 20 points higher than a year ago.

The Property Council today released the ANZ/Property Council Survey – the leading property industry sentiment index – which shows that Canberra property owners and developers had the second highest growth in confidence levels in the country over the last 12 months.

Acting ACT Executive Director of the Property Council, Mary Wood, said the Government’s urban renewal policies were important to continue to support industry confidence.

“Property industry confidence remains strong in Canberra, but it will be important for the ACT Government to maintain its urban renewal focus to help keep economic activity up,” said Ms Wood.

“Future confidence levels in the ACT economy also remain dependent on the Government having the right planning and taxation frameworks to accelerate the renewal of Canberra’s town centres.

“New construction and redevelopment, both residential and commercial, are vital to the health of the ACT economy.

“The survey shows that forward work schedule expectations, staffing level and residential capital growth expectations remain positive, and that’s good for jobs in Canberra.

“With a stronger reform plan, the Government can help grow the ACT economy, create jobs and raise more revenue – but more private investment dollars are needed to achieve this.

“The Property Council supports the ACT Government’s commitment to urban renewal, but we would like to see a more visionary framework for renewal of our tired city centre.

“We look forward to working with the ACT Government in 2016 on urban renewal policies that create jobs across Canberra,” Ms Wood concludes.

The results of the ANZ-Property Council Confidence Survey can be viewed at: www.propertycouncil.com.au/confidence

Media contact: Mary Wood | E mwood@propertycouncil.com.au