Property the economy's "bright spot": ANZ-Property Council

Property the economy's "bright spot": ANZ-Property Council
Jonathan ChancellorDecember 7, 2020

The latest ANZ-Property Council Survey reveals a slight easing in property sector confidence.

However, supported by the weight of investor capital, confidence across the residential and non-residential property sectors remains buoyant.

There are expectations of further price growth and increased property sector activity in 2015.

While property sector confidence is positive on balance, the survey reflects increasing divergence in the property outlook across states and territories with the NSW property sector presenting the strongest outlook.

The ANZ chief economist Warren Hogan said the property sector continues to be the "bright spot" on the broader Australian economic outlook.

"Supported by the weight of investor capital, the property sector is not just creating capital growth, but is expecting to generate employment growth and increased building activity, particularly in the areas that are attracting foreign investor capital such as Sydney, Melbourne and Brisbane," said Hogan.

"Nonetheless, outside of the property sector, broader confidence indicators remain soft, non-mining activity continues to disappoint and economic growth remains subdued.

"While increasing property values are attracting the attention of policy makers, an optimistic outlook for the property sector is critical to supporting capital values, employment and property construction in the near-term.

"In particular, while the ANZ- Property Council Survey reflects a relatively stable and positive outlook for NSW and Victoria, easing property sector confidence in other states and territories bears close watching in the coming quarters.” 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Editor's Picks