23 Oct Confidence in Property Sector Up
Confidence within the property industry has risen to its highest point in four years, according to the ANZ/Property Council Survey for the December quarter.
The lift in mood was consistent across states and the industry became more optimistic on the capital growth prospects of all key asset classes. Sentiment strengthened across the mining states and the eastern seaboard.
“The remarkable thing about these results is how strong they are,” said Property Council of Australia chief executive Ken Morrison.
The upbeat tone seems contradictory to recent gloomy signs, including a slump in retail sales and warnings from the Reserve Bank over rising household debt.
The positive indicators include a pick-up in economic growth, a rise in business investment plans – particularly by non-mining industries and an easing jobless rate.