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Property sector shows signs of a turnaround in confidence


Confidence levels are starting to creep back into the Queensland property sector in a survey that found 60 per cent of respondents believed conditions would improve over the next three months.

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The ANZ-Property Council survey also showed that while forward work expectations were negative, that negativity was reducing.

The sector also showed less negativity to the Palaszczuk Government, which it has been sparring with for years.

Property Council Queensland executive director Chris Mountford said there was a marginal boost in confidence in the sector which should be boosted by the easing of restrictions.

Confidence levels in Queensland improved slightly from 58 index points in June to 71 in the September quarter. A score of 100 was considered a neutral level of confidence and before COVID it was 119 points.

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 among its state counterparts on some key measures,” Mountford said.

“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.

“The Property Council has proposed medium-term stimulus measures that will act as economic multipliers to deliver the greatest bang for buck.

“Any government elected in October needs to focus on implementing measures that will make Queenslanders feel confident about the economic future of the state.”

Among the other findings in the survey was that debt finance was likely to get much tougher, house prices would weaken and construction activity would reduce.

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