As a supporting sponsor of the Property Council of Australia’s ANZ/Property Council Survey, we are pleased to provide RCP’s commentary in relation to the March 2018 quarter survey results recorded from over 1,100 property industry respondents.
Whilst sentiment has cooled following last quarter’s highest confidence levels recorded in four years, the outlook across the property industry remains positive. The construction outlook remains optimistic with the PCA reporting record confidence levels in industrial and hotel construction activity this quarter. Retirement living construction sentiment remains high and the industrial and office sectors have continued to record the greatest positive shift in construction activity confidence over the last 12 months.
Victoria remains in a strong position, and has now overtaken New South Wales to hold the highest level of positive sentiment across Australia. Western Australia continues to demonstrate a positive shift, recording a strong uplift in sentiment, particularly in relation to state economic growth expectations.
Whilst Queensland sentiment dropped slightly this quarter, the positive shift in confidence levels in Queensland over the last 12 months remains above the Australian average. RCP continues to experience a significant increase in project work across multiple sectors in Queensland with new projects including Charter Hall and Investa’s 360 Queen Street commercial office building, and the Department of Education and Training’s new Ripley Providence primary and secondary school.
To view the latest survey results, please visit the Property Council of Australia website.