Confidence in Australia’s property sector has hit its highest point since March 2018, with the industry gearing up for a strong economic recovery in 2022, according to the latest ANZ/Property Council survey.
The Confidence Index rose 12 points nationally in the December Quarter, off the back of substantial confidence boosts in the ACT (33 point increase), Victoria (25 point increase) and NSW (9 point increase) as those jurisdictions reopened after lock-down periods.
“The sentiment in this survey is clear. The property industry – which employs more Australians than any other sector – is set and ready for recovery,” says Property Council chief executive Ken Morrison.
ANZ senior economist Felicity Emmett commented: “The reopening of state borders and easing of quarantine restrictions is clearly boosting confidence in the tourism property sector, while the rise in office occupancy has boosted sentiment in the office sector.”
Confidence in the residential real estate sector is elevated, with house prices rising 24% in the Combined Capitals and 26% in the Combined Regions in the past 12 months.
Overall confidence within the property industry increased by 12 index points to 142 over the December 2021 Quarter. A score of 100 is considered neutral and below 100 is negative.