The Northern Territory still boasts strong property and construction industry sentiment new research shows.
The Property Council of Australia-ANZ Property Industry Confidence Survey index score for the Territory fell by 21 points for the December quarter to 130. A score of 100 is considered neutral.
Property Council NT Executive Director, Raquel Nicholls-Skene, says the NT’s score is still well above the total score for Australia, 102, and is the highest in the country.
“Despite a drop in confidence levels, sentiment for property professionals in the NT is still very buoyant and remains Australia’s leader,” Ms Nicholls-Skene says.
However, in all of the non-resources states sentiment for the December quarter has increased, with NSW and Victoria improving by one and four points, respectively.
The Property Industry Confidence Survey polled more than 3500 professionals from the property and construction sector in all states and territories for their forward-looking views.
Although the NT is one of the strong resources states, 63 percent of respondents believe their business performance is not reliant on mining.
ANZ Head of Property Research, Paul Braddick, says: “While property market confidence in the Northern Territory moderated slightly in the December quarter, respondents in the Northern Territory maintained the highest confidence index across all states and territories.”
“This result reflects a positive economic outlook, underpinned by the economic benefits from the $34 billion Ichthys gas project to demand for labour, property market returns and household income.”
The Survey results show a majority of respondents expect capital values to increase for the residential (76 percent) and industrial property markets (61 percent), while a further 47 percent of respondents expect office values to grow.
Raquel Nicholls-Skene, NT Executive Director, Property Council of Australia
Ph: 0403 023 425
Paul Braddick, Head of Property Research, ANZ
Ph: 03 8655 3022