Property industry confidence soars
Confidence in the property market among industry professionals has reached an all-time high, a business sentiment survey has reported.
Australia scored an average of 140 on the Property Council/ANZ Property Industry Confidence Survey, the highest level recorded since the index began in 2011.
This result also marks the first time all states and territories have reported an optimistic outlook, Property Council Queensland executive director Kathy Mac Dermott said.
The survey polled approximately 2,600 property and construction industry professionals on their future outlook for the property market.
The most positive signs came from Queensland, where confidence increased by 56 points over the last year.
“Looking back over the past 12 months of results we have seen a sustained surge in confidence in Queensland,” Ms Mac Dermott said.
“Confidence has risen from a rating of 96 (a score of 100 is considered neutral) in December 2012, to now be 12 points above the national average.”
Industry sentiment is being driven by a property market revival, Ms Mac Dermott said.
New South Wales also recorded results above the national average, with a score of 147 on the index.
The Australian Capital Territory had the lowest March quarter results, scoring only 111.
However, this represents a substantial turnaround since the December quarter, when a score of 99 indicated a neutral or negative sentiment in the ACT.
Victoria and Western Australia both came in just below the national average, with an index rating of 135.
South Australia saw one of the largest increases in consumer confidence from December to March, with scores jumping from 114 to 130.
In the same period, the only states recording a drop in confidence were Tasmania and the Northern Territory, scoring 121 and 119 respectively.
The Northern Territory suffered a particularly large drop in the last quarter, down 11 points, while Tasmania fell by 7 points on the index.