SA property sector confidence surges to near record high as consumers optimistic about future

Surging confidence within one of the state’s biggest employer industries – the property sector – has been welcomed by the Marshall Government as another positive sign for SA’s strong ongoing economic and jobs rebound from COVID-19.

The latest ANZ/Property Council Survey 2021 shows business confidence soared 14 points in the March quarter, to reach a near-record high of 149 points – and the biggest yearly increase (of 135 per cent) for the series.

It comes as the Westpac-Melbourne Institute SA Consumer Sentiment Index rose to a near decade high in April, with South Australians significantly more optimistic about future family finances and future economic conditions than they were a year ago.

Treasurer Rob Lucas welcomed the results of the independent surveys as a further indication of the growing momentum of SA’s strong COVID-19 economic recovery.

Latest ABS data shows there is $8 billion in construction work in the pipeline (December quarter, seasonally adjusted), which is a 25 per cent lift on the same time last year.

“We welcome the positive sentiment from the property sector, one of our state’s biggest employer industries, noting significant confidence in their forward work schedules and staffing levels for the next 12 months,” said Mr Lucas.

“The more confident employers are, the more they’re likely to invest and hire more staff, and that’s precisely what we want to see as we continue to chart our strong COVID-19 recovery.

“It’s also pleasing to see families more optimistic about their own personal finances as well as economic conditions over the next year, according to the Westpac-Melbourne Institute SA Consumer Sentiment Index.

“But we know there’s much more work to be done, which is why we are investing $4 billion in economic stimulus to turbo charge the state’s jobs and economic recovery over the next two years.”

SA’s unemployment rate has fallen 0.5 of a percentage point to 6.3 per cent for March, with a record number of job vacancies (19,300 jobs on offer) in South Australia.

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