Property industry sentiment across Australia has fallen for the second consecutive quarter with drops in expectations across a number of key indicators including forward work and staffing levels.
The ANZ/Property Council Survey for the December quarter shows a 12 index point decline in national industry confidence to 126 points. While sentiment is still in the positive range (a score of 100 is considered neutral), the index has been falling since earlier this year, from 143 in the June 2018 quarter and 138 for the September 2018 quarter.
“This report shows that sentiment – while still positive – is softening in critical areas across an industry that is Australia’s biggest employer and supports 1.4 million jobs,” said Ken Morrison, Chief Executive of the Property Council of Australia.
ANZ Head of Australian Economics, David Plank commented: “The downturn in the housing outlook is significant, although not surprising. But the second consecutive fall in the commercial property space is something we will be watching.”