The property industry finished the year more confident about the national economy but expecting lower levels of housing construction in 2016, according to new data released today.
The ANZ/Property Council Survey is the nation’s leading measure of confidence in the property industry, an industry which makes up 11.5 per cent of GDP and is the nation’s second largest employer. Over 1,500 business people completed the survey across Australia this quarter.
Property Council of Australia Chief Executive Ken Morrison said the results showed the industry would still provide some economic growth in 2016, with lower housing construction activity expected than last year 2015.
“Property will still be a growth driver for the economy in 2016, even with an expected easing of housing construction levels,” Mr Morrison said.
“Industry confidence levels remain strong, forward work levels and staffing expectations are positive, and the industry expects non-residential construction to improve.
“Overall industry confidence edged up one point to 131 in the last quarter, with only NSW and ACT easing slightly and WA dropping again. WA is the only state with confidence in negative territory.