Confidence in property markets have tumbled across all asset classes according to the ANZ/ Property Council Survey for the June 2020 quarter released today.
The rapid fall in confidence is unsurprising with markets across the board reacting strongly to the economic fallout caused by the coronavirus pandemic.
Of those surveyed, 54 percent of respondents in Victoria indicated that the coronavirus outbreak would have a serious impact on their business over the next three months. An additional 35 per cent of respondents indicated there would be a moderate impact.
According to the Property Council's Victorian Executive Director Cressida Wall, ensuring that planning and construction remains open and viable will be critical to restoring confidence in the industry.
"Maintaining 'business as usual' in construction and planning will be vital to keeping people in work, and we applaud the government and industry's efforts to this end," Ms Wall said.
"In recent years the property industry paid more than $21 billion in total wages and salaries and employed one in four Victorian workers and we are working with the government to keep as many of those people working as possible.
"Subject to health and safety, concerted efforts are being made across industry and government to keep the sector open for business.
"Property has and will continue to be a strong economic driver for Victoria. It is encouraging to see the State Government coming together with industry to workshop solutions to reboot the economy."
