Property industry confidence has jumped following the federal election outcome in a positive sign for the Australian economy, but the Property Council has warned that a number of economic factors remain challenging for the industry which is Australia’s largest employer.
The latest ANZ/Property Council Survey for the September 2019 quarter shows that industry confidence has picked up by 13 index points, reversing a year of decline. Industry confidence improved across all states and territories, except for the ACT.
“This strong sentiment bounce is driven by some welcome post-election policy certainty out of Canberra and will be an encouraging sign for the RBA and national policy makers,” said Ken Morrison, Chief Executive of the Property Council of Australia.
ANZ’s Head of Australian Economics, David Plank commented, "Over the past month lower interest rates, the proposed change to the interest rate floor by the regulator, and the removal of uncertainty around the impact of the possible tax policy changes have boosted sentiment toward housing."