NSW property industry loses lustre

NSW loses out to Victoria as the property industry with the strongest outlook

NSW property industry loses lustre



The NSW property industry has lost some of its lustre as confidence levels drop in the 12 months to March 2018, the latest ANZ/Property Council Survey shows. 

Confidence in the NSW property industry has fallen seven index points to 140 over the first quarter of 2018 and nine index points in the 12 months to March 2018.

The capital value expectation in NSW’s residential sector is also at its lowest point since September 2012. 

Dethroning NSW is Victoria, which now leads Australia in confidence, staffing level expectations, and forward work schedule expectations.

“The NSW industry is still strong, with a healthy outlook for capital value expectations in both the office and industrial sectors, and staff hiring expectations; yet we must look at what can be done to ensure our industry continues to deliver for NSW,” said Property Council NSW executive director Jane Fitzgerald.

“NSW is currently a fluid policy environment with many strategic planning documents, infrastructure financing approaches, and local planning strategies to be finalised in 2018; these need to be completed and implemented by the NSW Government to ensure strong industry confidence.”

Across the country, confidence fell from 141 to 139 for the March 2018 quarter with state performance converging.

Confidence levels went up across all jurisdictions over the year, except in NSW and the ACT. 

“While we are slightly off the peak of the December quarter, we see continued strong confidence across all jurisdictions and the tightest state convergence in the survey’s history”, said Ken Morrison, chief executive of the Property Council of Australia.

Western Australia has recorded a major turnaround with confidence levels going up by 42 points over the year.

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