Commercial property confidence rises in latest quarter: NAB
Confidence in the commercial property industry is at a four-year high, especially in NSW and Victoria.
The latest quarterly survey of the property industry by NAB shows confidence has risen nationally, although it is down in the resources-based economies of Queensland and Western Australia.
“The lift in sentiment was most notable in CBD hotels after a surprising fall in (the December quarter), but also improved in office and industrial markets. Sentiment was a touch weaker in retail, but is still higher than the broader market average,” said NAB chief economist Alan Oster.
Confidence in the office markets was high in NSW and Victoria but lower in the mining states.
Growth in retail turnover has revised expectations to the upside, the survey noted.
“In contrast, expectations in industrial markets have weakened, mirroring a pullback in business confidence also seen in mining and manufacturing,” Mr Oster said