New data shows a significant cooling of expectations for residential construction in the December quarter but overall confidence levels remain firmly in positive territory recording only a one point drop nationally on the previous quarter.
The ANZ/Property Council Survey is the nation’s leading measure of confidence in the property industry which accounts for 11.5 per cent of GDP and is the nation’s second largest employer. The survey was completed by over 2200 respondents across Australia this quarter.
While nationally confidence remains well in the positive range, it has edged downwards over the four quarters for 2015 and the reading of 130 for December 2015 is five points below the same quarter last year.
New South Wales still leads the nation in terms of confidence at 144 points despite a two point drop and Victoria is holding steady at 134.
Queensland at 132 (up 2 points), the Australian Capital Territory at 135 (up 4 points) and the Northern Territory at 105 (up 11 points) all recorded rises in confidence for the quarter.
Meanwhile in other minor variations Tasmania came off one point to 142, South Australia fell two points to 118 while Western Australia flatlined at 102.
Property Council of Australia Chief Executive Ken Morrison said the results should be closely read by policymakers.