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The latest ANZ/Property Council Survey shows that the NSW property industry has lost its throne to Victoria as the industry with the strongest outlook, with confidence once again dropping.
NSW property industry confidence has dropped 7 index points from 147 to 140 over this quarter and 9 index points in the 12 months to March 2018.
The capital value expectation for the residential sector is also at its lowest point since September 2012, with expected construction activity also at its lowest point since the survey’s inception; both have been attributed to the lowered overall industry confidence.
Property Council NSW executive director Jane Fitzgerald said that while all is not lost, there is still work to be done.
“The NSW industry is still strong, with a healthy outlook for capital value expectations in both the office and industrial sectors and staff hiring expectations; yet we must look at what can be done to ensure [that] our industry continues to deliver for NSW,” Ms Fitzgerald said.
“NSW is currently a fluid-policy environment, with many strategic planning documents, infrastructure financing approaches and local planning strategies to be finalised in 2018. These need to be completed and implemented by the NSW government to ensure strong industry confidence.”
Ms Fitzgerald added that housing remains one of the cornerstones of prosperity in the state.
“We need to see policies that will strengthen the housing pipeline and enable housing where we most need it. A softening residential sector will have flow-on effects to housing affordability, employment and government revenue.
“These latest results show that our industry’s strong position must not be taken for granted, and transparency and consistency must be provided through strong policy leadership.”
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