RCP continues as a supporting sponsor of the Property Council of Australia’s ANZ/Property Council Survey and we highly value this ongoing industry involvement. The sentiment survey is the largest of its kind with more than 1,600 industry professionals participating. RCP’s commentary in relation to the survey results is outlined below.
The June quarter survey results demonstrate an overall national uplift in sentiment this quarter, with the stand out state being WA. Despite sentiment remaining negative for the ninth consecutive quarter in WA, the 20 point improvement represents the state’s greatest increase in sentiment since 2013. RCP is following with interest this upswing, particularly in the retail sector.
National forward work schedules, staffing expectations and growth expectations are all trending up.
NSW confidence levels remain the highest of all states, but are softening with interest rates tipped to increase and credit tightening. RCP’s Sydney team continues to oversee a number of major residential and retail projects including the Arlington Grove apartments, Dulwich Hill; Palisade residential development and David Jones Elizabeth Street store redevelopment.
Victorian sentiment has again increased this quarter, representing the highest level of confidence on record. Our Melbourne office continues to thrive under these market conditions. The team is overseeing a number of major mixed-use, residential and commercial developments. These include 271 Spring Street (commercial), 447 Collins Street (mixed-use), 80 Collins Street (mixed-use) and Swanston Central (residential).
South Australian confidence levels have this quarter also risen to the highest overall level of confidence on record. RCP’s Adelaide team continues to remain very busy managing projects across multiple sectors including the West Franklin residential development, Charter Hall’s GPO commercial development and the New Royal Adelaide Hospital (financier’s certifier specialist programming role).
Confidence levels in Queensland have again increased slightly for the June quarter, however Queensland still remains behind the national pack in comparison to other states. RCP’s Queensland team is currently overseeing a number of major residential and health commissions. South East Queensland residential developments include 443 Queen Street, 30 Albert Street, Atlas apartments in South Brisbane and a specialist programming role for Spirit tower at Surfers Paradise. Key health projects include the Brisbane Private, Sunnybank, and Roma Hospital redevelopments, and stage two of the Gold Coast Private Hospital.
RCP’s Townsville office continues to remain very busy managing projects for Townsville Hospital and Health Service, James Cook University and Townsville Airport. The team is also performing a programming advice and audit programming role for the construction of the new North Queensland Stadium, a project tipped to initiate increased development activity and increase confidence levels in North Queensland.
To view the latest survey results, please visit the Property Council of Australia website.