RCP is proud to be a supporting sponsor of the Property Council of Australia’s ANZ/Property Council Survey. The results from the March 2017 quarter survey, which canvassed the views of over 1500 respondents across the property industry, have now been released. RCP’s commentary in relation to the survey results is outlined below.
The survey results demonstrate that national confidence levels have once again risen slightly over the quarter, however confidence levels continue to vary greatly on a state level. Whilst the figures show growth, growth around the country is not being shared.
NSW confidence levels have risen to an all-time high, representing the highest confidence of all states. Stronger price expectations and investors returning to the housing market have seen housing/ residential sentiment picking up again. RCP is currently experiencing strong growth in NSW and our Sydney based team is rapidly expanding to accommodate an influx of new major residential and retail projects including the Palisade residential development, Oxford Central apartments and David Jones Elizabeth Street store redevelopment.
Although confidence levels have picked up in Queensland for the March quarter, Queensland remains behind the national pack in comparison to other states. RCP’s Queensland team is fortunate to continue working on a number of major projects across the state during this time. Residential projects in Brisbane include the 443 Queen Street apartments and 91 storey 30 Albert Street apartments, which recently gained development approval. The Queensland team also remains busy in the health sector. We have been engaged to manage stage 2 of the Gold Coast Private Hospital development following the successful completion of stage 1, and RCP has also recently been appointed to oversee the Roma Hospital redevelopment. Our Townsville office has had a very busy year and continues to manage a diverse range of projects in the region including a number of commissions for James Cook University and Townsville Airport, and RCP’s specialist programming team is also expanding to accommodate a number of new major commissions including most recently, a programming advice and audit programming role for the construction of the North Queensland stadium.
Victorian sentiment is holding steady with retail, residential and office activity remaining strong. Our Melbourne based team continues to thrive under these market conditions. The team is currently project managing a number of major mixed use and residential developments. These include the 447 Collins Street, 80 Collins Street and Swanston Central developments.
South Australian confidence levels have risen to the second highest overall rating on record and RCP’s Adelaide based team is prospering from an influx of new projects across multiple sectors including the West Franklin residential development and Charter Hall’s commercial GPO development.
The Property Council of Australia’s commentary and survey results are available here.