The Queensland property industry has recorded its third consecutive quarter of positive growth in industry sentiment, according to the latest Property Council-ANZ Property Industry Confidence Survey.
The survey, which polls property industry professionals across Australia, reveals a significant improvement in sentiment over the past quarter, according to Queensland Executive Director of the Property Council of Australia Kathy Mac Dermott.
“Nationally, Queensland recorded the second highest increase in confidence- second only to WA,” Ms Mac Dermott says.
“The Survey’s Confidence Index measures each state’s confidence from a neutral base of 100, and this quarter saw Queensland’s positive sentiment increase 14 points to reach 127.”
“Overall, confidence in Queensland is third behind the Northern Territory and Western Australia, respectively, with all three growth states sitting significantly above the national average of 113.”
“For the first time the survey has shown a firming of residential growth expectations, a sure sign the market has begun its recovery.”
“The survey also foresees increased capital growth in the office market over the next 12 months, driven by burgeoning professional service businesses related to the resources industry.”
“Additionally, the results highlight increased growth expectations in the industrial market, foreshadowing the importance of this sector to the resources boom.”
ANZ Head of Property Research, Paul Braddick, says there is an increasingly positive outlook for the Queensland economy in 2012.
“With the exception of retail property, which remains weighed down by weak retail spending, the Property Council-ANZ survey Queensland results show solid increases in property industry confidence and improved commercial property capital growth expectations,” Mr Braddick says.
“Looking forward, commercial property conditions should continue to improve, driven by rapid absorption and decreasing vacancies, particularly for the commercial office and industrial property markets.”
Ms Mac Dermott says the Survey found the property industry was deeply dissatisfied with the previous State Government’s approach to planning and growth management.
“These results send a strong signal to the new Government that planning reform in Queensland is desperately needed.”
“It is a clear opportunity for the new government to deliver on its commitment to drive a four pillar economy.”
“Importantly the industry is not looking for yet another review of planning legislation. Instead the sector is calling for a consolidated program of reform program that will capitalise on Queensland’s opportunities and unlock investment in our State.
“The appointment of the Deputy Premier and Senior Member of Parliament, Jeff Seeney, as the Minister for State Development, Infrastructure and Planning and Ian Walker, as Assistant Minister for Planning Reform, will ensure that our State’s ailing planning system gets the attention it critically requires.”
Kathy Mac Dermott, Property Council Queensland Executive Director
0427 243 986
Paul Braddick, ANZ Head of Property Research
03 9273 5987