Property Confidence Tumbles
Although remaining mildly in positive territory, levels of confidence in the property and construction industry have plummeted, the latest survey has found.
Expectations for staffing levels and forward work schedules are also extremely subdued, while 12-month expectations for house prices, retail property and tourism related property are negative.
The September Quarter Property Council of Australia-ANZ Property Industry Confidence Survey showed overall levels of sentiment falling seven points from 113 in the June quarter to 106 in the September quarter.
At this level, sentiment remains above the 100 level that separates positive expectations from negative expectations, but opinions are much less buoyant compared to previous quarters.
The survey, which involved responses from more than 3,100 key decision-makers in property and construction, represents a reading of overall expectations for the industry over the next twelve months.Property Council of Australia chief executive Peter Verwer says...