Confidence is returning among property professionals, who predict house prices to stabilise.
The Property Council of Australia-ANZ Property Industry Confidence Survey has found sentiment among property professionals rose for the quarter. Property industry participants anticipate a stabilisation of prices, and an increase in their own forward work schedules.
"Respondents are feeling less buffeted than in previous quarters, where the storm in commodity prices, global economic insecurity and domestic political uncertainty contributed to negative sentiment," Property Council chief executive Peter Verwer said.
Verwer said a renewed optimism toward the fate of the global economy had helped to quell uncertainty in the sector.
But Verwer has pointed out regional disparities. He said confidence in Victoria remained flat, while sentiment in Tasmania declined.
"More than half the quantifiable lift in sentiment is attributed to three states - Western Australia, the Northern Territory and Queensland - despite the fact these states account for less than a third of the nation‟s population," Verwer said.
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