The latest results from the ANZ/Property Council Survey show confidence in the Queensland property industry has improved slightly since the start of the COVID-19 pandemic with the further easing of restrictions set to provide a greater boost to confidence in future.
Property Council Queensland Executive Director, Chris Mountford, said that while the results show only a marginal boost in confidence, the significant easing of COVID restrictions since the survey was conducted will boost confidence further.
Confidence levels in Queensland improved slightly from 58 index points in June 2020 to 71 points in September 2020 (with 100 being a neutral level of confidence). This was down significantly from the pre-COVID confidence level of 119 index points in March 2020.
Queensland also has Australia’s lowest expectations for state economic growth over the next 12 months.
“While the survey shows some improvements in confidence levels, it’s worrying that Queensland ranks poorly amongst its state counterparts on some key measures,” Mr Mountford said.
“It’s clear that there is a strong role for state and local government to play to stimulate activity through the right policy settings.”
The Property Council has been working with the state government on numerous medium to longer term measures such as catalytic infrastructure funding, targeted stamp duty relief, expanding the Government’s investment in Build-to-Rent, and investing in social and affordable housing.
“In an election year Governments can’t have small target goals, the results show that they need to be ambitious to help Queensland rebuild from this unprecedented crisis” Mr Mountford said.
“The Property Council has proposed medium term stimulus measures that will act as economic multipliers to deliver the greatest bang for their buck.
“Any government that is elected in October needs to focus on implementing measures that will make Queenslander’s feel confident about the economic future of their state.
“It’s only bold thinking that will provide the private sector with confidence to invest longer term.”
To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here