The latest ANZ/Property Council Survey released on Thursday, April 20 showed softening in the NSW property industry’s confidence despite still leading the nation.
The Property Council said that NSW industry confidence dropped from 149 index points in March to 145 index points in June, signifying there is still some industry uncertainty on the direction of the new NSW Government leadership team.
“Forward work expectations, expected staffing levels and economic growth expectations have all dropped off in this quarter showing an industry still finding its feet with the new leadership team in NSW,” Property Council NSW Deputy Executive Director Cheryl Thomas said.
He said the lower staffing expectations was particularly concerning given the industry currently contributes one in ten jobs to the NSW economy.
“There is still strong capital growth expectations across the residential, office, industrial and retirement living sectors indicating future growth expectations are still strong,” Ms Thomas said.
“Tighter lending policies will also influence the local market dampening what has been rocketing confidence in NSW.
“What this most recent survey indicates is that the NSW industry is still strong, yet the upcoming State budget needs to be brave and bold to ensure long term growth and investment continues.”
Following the review of their survey data, the Property Council outlined five things the Berejiklian Government should do in the next six months to boost industry confidence: