Market Confidence Increases In New South Wales
Confidence in the real estate industry is soaring in the New South Wales, as the latest Property Council/ANZ Property Industry Confidence Survey highlights the growth of the December index for the state.
The state’s confidence index is now resting at 144, where a rating of 100 is considered neutral. After polling almost 3,000 housing and construction industry professionals nationwide, including 872 from NSW, this is the largest survey of its kind in the country.
Executive Director for the Property Council NSW Glenn Byres said that the buoyancy of the industry has continued to rise in the wake of increasing confidence about the “future health of the national economy”.
“The index has jumped 35 points in the past 12 months – and NSW now shares top billing with Queensland in confidence levels. We also set the pace across the country in expectations about the growth in capital values for the office and residential sectors,” said Mr Byres in an October 16 statement.
Furthermore, ANZ Head of Property Research Paul Braddick said that NSW has a optimistic outlook in comparison with some other states across the nation.
“Solid NSW economic growth, tight housing demand/supply fundamentals, low mortgage rates and sharply higher home sales in recent months have underpinned optimistic property industry expectations for house price growth and housing construction in particular,” said Mr Braddick in an October 16 statement.
“Non-residential capital growth expectations were positive across all sectors in the December quarter driven by solid employment gains and positive expectations for New South Wales economic growth.”
Regardless of whether you’re a seasoned property investor looking for the next notch on your property portfolio, or a first home buyer hoping to find a home for you and your family, now could be the perfect time to investigate the real estate market in NSW.