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Confidence in Victoria’s property industry lags behind national average
By Bianca Dabu
15 April 2021
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1 minute read
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While confidence continues to climb across a majority of the nation, Victoria is lagging behind as it struggles to recover from the impacts of COVID-19.
In the latest ANZ/Property Council of Australia industry confidence survey, Victoria scored a slim 124 index points for the March 2021 quarter – below the national average of 142. A score of 100 is considered neutral.
In contrast, all other states and territories were either at par or higher than the national average, with Western Australia at 157 index points, NSW and the ACT at 145, Queensland at 144 and South Australia at 142.
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Property industry confidence continues to climb
Property industry confidence levels are approaching record highs as the sector leads Australia’s economic recovery from the COVID-19 pandemic.
The ANZ/Property Council industry survey for the March quarter found that national industry confidence soared to 142 points, the second highest level since the survey began. This represents an 80-point improvement over the last twelve months when the pandemic first impacted on confidence levels. A score of 100 is considered neutral.
Property Council of Australia chief executive, Ken Morrison, said rising confidence was being driven by record high economic growth expectations.
“When the property industry is confident it is exceptional news for the entire national economy because it employs so many people, more than 1.4 million Australians,” Mr Morrison said.
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Property confidence stages remarkable comeback
The latest results from the ANZ/Property Council Survey reveal surging confidence levels in Queensland’s property sector, despite the slower than anticipated return of workers to major business precincts.
Property industry sentiment in Queensland bounced from 124 points in the December 2020 quarter, to 144 index points in the March 2021 quarter. The result shows that industry confidence has nearly tripled since the height of the COVID pandemic, when a low of 58 index points was recorded during the March 2020 quarter. A score of 100 is considered neutral.
Property Council Queensland Executive Director, Chris Mountford, said the results were nothing short of phenomenal, however, it was critical that the positivity was not taken for granted.
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Victorian confidence lags nation, with medium-term outlook improving
The latest ANZ/Property Council of Australia industry confidence survey highlights Victoria is lagging behind the rest of the country with a long way to go on the path to recovery.
Property industry confidence in Victoria is the lowest in the nation at 124 index points for the March 2021 quarter – below the national average of 142 index points. A score of 100 is considered neutral. However, medium-term outlook in Victoria is turning positive, with Victorians optimistic that the COVID-19 situation will improve over the next three months.
While Victorians demonstrated the lowest state growth expectations in the nation, they also reported the highest level of expected growth for Victoria since June 2018. Victorians also reported an improvement in capital growth expectations across all sectors, with the exception of the hotel sector, for the next 12 months.