The latest ANZ/Property Council Survey showed the NSW property industry has dropped in confidence.
NSW Property Industry confidence has dropped six index points from 145 to 139 over this quarter, the largest drop in confidence of any State.
“Although the NSW property industry still leads the nation in terms of confidence levels, this latest survey shows that the industry’s outlook has softened with lower overall expectations in terms of capital growth and the State’s economic growth,” Property Council NSW Executive Director Jane Fitzgerald said.
“The NSW Government has taken the foot off the pedal on key reforms and these results show we must not rest on our laurels – action is needed.
“Capital growth expectations across all sectors in NSW have dropped demonstrating a more subdued outlook, yet expected staffing levels are still strong which means the industry will continue to provide jobs for the State’s growing population,” Ms Fitzgerald said.
“Residential sentiment continues to soften which means we need the State Government to take action to strengthen the housing supply pipeline in NSW.
“Tighter debt financing has provided a breather for house prices, yet we will only see lasting relief if we see a wider raft of reforms implemented.
“We have the seen the recent announcement of initiatives that directly affect the property industry in the State Government’s housing affordability package and the State Budget.
“Now we must see action to match the words.
“Key planning reforms need to be delivered to ensure the industry can continue to build a global Sydney and provide the jobs and investment this state needs.
“This latest survey shows the industry’s confidence in the State Government’s performance is on a downward trajectory, to inject a renewed confidence in the industry and ensure we meet critical housing targets and better planning outcomes, we must see action to back up the recent rhetoric.”