Strong office market driving confidence
The latest ANZ/Property Council Survey shows Victorian respondents’ sentiment rose to 140 on the index for the June 2017 quarter, its highest level on record.
The total index score for Australia also improved three points to 135 for the June 2017 quarter. A score of 100 is considered neutral.
The ANZ/Property Council Survey is the nation’s leading measure of confidence in the property industry and polled 1,606 respondents for their forward-looking views.
Property Council Victorian Executive Director, Sally Capp, said the Victorian property industry is being bolstered by strong population growth and low office vacancy rates.
“Victoria continues to be the preferred destination to work, play, study and live, however there are challenges on the horizon.
“Debt finance availability is tightening with increasing opportunities from alternative funding providers,” said Ms Capp
The latest ANZ/Property Council Survey reveals a slight increase in forward work schedule expectations, as did State economic growth expectation. Perception of the Victorian Government’s performance declined by eight points this quarter.
“Recent changes to state taxation policy such as removing the off-the-plan stamp duty concession for foreign investors has created questions about Victoria’s openness to future investment.
“The Government has introduced a raft of changes across planning and taxation which could increase costs. A lack of confidence in government requires leadership from the industry.
“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.
Fast Facts (Victoria):
- Victorian index score: the highest level on record at 140 points.
- Debt finance availability: Victoria’s debt availability declined from -9 to -13 points.
- Foreign residential property sales: the proportion of total residential property sales to foreign buyers has declined from 25% to 22%.
Media contact: Sally Capp | E [email protected]
To find out more about the ANZ/Property Council Survey and our Supporting Sponsor RCP, visit www.propertycouncil.com.au/confidence