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Pessimism among Australian property professionals hits new highs - Survey

Infra News - Published on Thu, 18 Apr 2019

Image Source: businessinsider.com.au
According to the latest ANZ Bank-Property Council of Australia survey, confidence among Australian property professionals has fallen to the lowest level in at least six years. Mr David Plank, Head of Australian Economics at ANZ Bank, said that “Confidence in Australia’s housing sector has fallen further, reaching a new low since the survey commenced in 2011. While the persistent weakness in the index is disappointing, it is consistent with declines evident across a range of housing indicators.”

The deterioration was once again concentrated in residential property professionals with pessimism lifting across most states and territories, mirroring recent price trends where values have started to fall across most regions and capital cities.

Mr Plank said that “Residential property continues to lead the fall in overall sentiment. Nearly all the key residential indicators declined further in the June quarter, with sentiment, prices and construction all reaching fresh lows.”

He said that the result indicates that sentiment “remains in the doldrums”.

The largest decline in confidence came in New South Wales. Weakness was also acute in Victoria, where property prices have also fallen sharply over the past 12 months.

He added that “Negative sentiment… continues to be concentrated in New South Wales and Victoria where just over 70% of respondents expect housing prices to fall over the coming year.”

He further added that “Sentiment has been lagging rather than leading prices over the past few years, with sentiment holding up in 2018 until well after the market had turned down. We see the decline in sentiment in the June quarter survey as consistent with recent weakness, rather than a signal of a further acceleration in the pace of decline.”

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Posted By : Rabi Wangkhem on Thu, 18 Apr 2019
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