A new report shows Queensland’s property industry is the most confident in the nation.
Confidence in Queensland’s property sector has surged, a report shows.
While positive sentiment improved across Australia to the highest level since the Property Council/ANZ Property Industry Confidence Survey began in 2011, Queensland was the knock-out.
The results revealed a 10 point spike in Queensland’s confidence for the March Quarter, up to 152 on the index, the highest in the country.
A score of 100 is considered neutral.
The state also had the highest expectation of economic growth in the nation over the coming year.
“We have seen a dramatic shift in confidence among Queensland’s property industry over the past two surveys, driven primarily by the ongoing recovery of the residential market,” Property Council executive director Kathy MacDermott said in a statement.
“The previous quarter’s survey results exhibited first signs of a residential revival.
“During the past three months, industry’s house price growth expectations have grown to the highest levels in the country, and to historic levels for Queensland.”
Queensland’s retail capital growth expectations have also been building over time and now sit at the most positive levels seen in Queensland.
The retail sector has experienced 15-point growth over six months and is now second only to the Northern Territory.
Premier Campbell Newman said the results show confidence in the reform programs being undertaken by his government, including restoring the principal place of residence stamp duty concession, and a $15,000 grant for new homes.
“We’ve seen a 13 per cent increase in housing finance commitments in the year to November and a 4.9 per cent increase in November in trend dwelling approvals,” Mr Newman said in a statement.
The survey polled approximately 2600 property and construction industry professionals from across the country in December 2013.