The latest ANZ/Property Council sentiment survey has revealed that the confidence level in Australia’s real estate and construction sectors remains high, thanks to low interest rates, offshore buying and a record pipeline of apartment projects.
The poll, however, saw weakening in some states but also that hiring intentions and forward workloads remain strong.
ANZ Research senior economist David Cannington said in the Financial Review
that the confidence is diverging and New South Wales clearly appears to be the most optimistic, in contrast to Perth’s multi-year low. The positive outlook, meanwhile, is dominated by Sydney, Melbourne and Brisbane.
"A lot of that optimism is driven by the solid apartment pipeline," Cannington said. "Outside those areas the outlook is less strong."
For Property Council chief executive Ken Morrison, property is now the source of Australia’s booming economy.
"The message to government is that they have to keep this going," he was quoted as saying by the Financial Review
. "State governments need to focus on approvals and planning. And, the national government needs to make sure that the tax reform and foreign investment settings continue to support the sector."
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