Property industry confident ahead of new challenges

The latest results of the ANZ/Property Council survey reveal Queensland’s property industry confidence was experiencing yet another boost in positive sentiment, in new data gathered prior to the current lockdown.

Confidence in Queensland had risen from 144 to 147 index points over the past quarter, with 100 considered neutral. As the largest private sector employer, maintaining confidence within the property industry will be crucial to the state’s economic rebound as Queensland emerges from lockdown.

Property Council Queensland Executive Director, Jen Williams, said that despite the current lockdown, conditions remain favourable for most sectors of the industry, and it is vital this positivity continues.

“As the recipients of a steady flow of interstate migrants, and with Brisbane on the cusp of being announced as an Olympic city, Queensland’s overarching economic conditions are very much trending in the right direction.

“In fact, sentiment regarding the State’s economic growth prospects is the highest on record, and we are the only state to record a boost on this metric over the past quarter.

“What the survey showed, however, is the vulnerability and limitations we are experiencing in being able to capitalize on this positivity.

“While population growth is welcome, it has highlighted the linked issues of land supply and affordability, with both the private sector and governments at all levels now under pressure to deliver more- and more affordable- land to market quicker.

“This pressure in the residential market and positivity across the industry more broadly has exacerbated the emerging issue of staff shortages. Queensland is not only reporting a shortage in terms of the trades and skills needed on construction sites, but more broadly in terms of the professional services and white-collar workers who service the industry more broadly.

“As we look forward to a golden decade of opportunity in the lead up to the 2032 Olympic Games, it will be vital that Queensland attracts the talent we need to keep our state’s economy moving.

“Likewise, ongoing investment in the activation of our city centres and the productivity of our CBD is essential as we set ourselves up for the 2032 Games.

“The underlying worker preference for a flexible working week highlights the ongoing challenges CBDs across the nation face, and on top of that, we are now facing a new round of COVID-19 lockdowns and restrictions.

“Just last week, the Property Council wrapped up its Fridays in the City campaign, undertaken in partnership with members and the support of Brisbane City Council and the Queensland Government.

“Over its six-week duration, a 12.5 per cent uptick in activity was recorded on Fridays in the Queen Street Mall and immediate surrounds.

“Given the importance of the CBD to a thriving economy and our state’s future prosperity, once the current lockdown is lifted, the Property Council will be seeking further partnerships with government help boost activity in our city centre as soon as it is safe to do so.”

/Public Release. This material comes from the originating organization/author(s)and may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.