Property sentiment bounces back to growth
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Property industry confidence roared back in the fourth quarter, with a key measure of industry confidence recording its highest jump on record as increasing signs that COVID-19 was under control boosted sentiment and the ability of businesses to make decisions.
The ANZ/Property Council Survey for December rose 41 points from three months earlier to 123, more than double the previously largest quarterly gain of 17 points in 2013.
The gain reflected not just the quarterly bounce back in growth, signalling a technical end to the COVID-19 recession, but also a growing sense of confidence that the partial withdrawal over the quarter of support measures such as JobKeeper, boosting cash flow for employers, JobSeeker and household stimulus payments had not hit employment significantly, ANZ senior economist Felicity Emmett said.
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