The confidence levels of Queensland’s property industry continue to lift, but remain behind the other major states, according to the latest quarterly ANZ/Property Council industry sentiment survey.
Property Council Queensland Executive Director Chris Mountford said the results – taken prior to Cyclone Debbie’s impact across the state - highlighted some areas for positivity in Queensland’s largest industry.
“Staffing level expectations have risen, with the industry feeling more confident about future growth,” Mr Mountford said.
“In a very encouraging sign, there are positive capital growth expectations for the Queensland office market for the first time in three years.”
Property industry confidence in Queensland rose four index points over the last quarter, from 123 to 127 (with 100 being neutral).
Despite rising confidence, Queensland remains behind all Australian states apart from Western Australia, with Victoria sitting at 140 and NSW falling slightly to 145 index points.
“Queensland’s property industry now has positive economic growth expectations, but debt finance availability remains a key concern,” Mr Mountford said.
“The industry has responded positively to new Government strategies aimed at getting better use out of surplus government-owned land, but more needs to be done to help job-creating projects stack up.
“The mid-year release of the final SEQ Regional Plan provides a golden opportunity for the Qld Government to close the gap on the high-confidence states.
“By ensuring the plan is accompanied by a regional infrastructure fund, and an independent Housing Supply Council to monitor and report on the plan’s targets, the State Government will significantly boost the confidence of the local property industry.
“A transparent and accountable SEQ Regional Plan will help ensure the long-term affordability of housing – the issue identified in the latest survey as the most critical issue now facing government.”