Strong business sentiment but foreign investment potentially waning
The latest ANZ/Property Council Survey shows the Victorian property industry sentiment is solid on most indicators, but reduced interest from foreign investors could indicate concern for forward work expectations.
Property Council Victorian Executive Director, Sally Capp, said the decline in sales to foreign investors could be an indication that the Victorian foreign tax regime, the harshest in Australia, is sending a negative signal to overseas investors.
The ANZ/Property Council Survey is the nation’s leading measure of confidence in the property industry and polled 1,361 respondents for their forward-looking views.
The total index score for Australia increased from 132 to 141 points. A score of 100 is considered neutral.
The latest ANZ/Property Council Survey reveals a national positive shift in capital value expectations for Office, Retirement, Industrial, Hotels, Residential and Retail. A similar story is reflected in the national construction activity with positive expectations recorded for all sectors, except for residential.
While Victorian respondents’ sentiment has improved from 135 last quarter to 145 points on the index for the December quarter, forward work expectations has declined.
“Victoria’s property market overall is performing well. To keep our economy strong, Government and Industry must work together to maintain the right economic environment to attract investment.
“We continue to work with Government on planning and population growth management issues to reduce costs, increase jobs and support stronger communities,” said Ms Capp.
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence
Media contact: Sally Capp | E [email protected]