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Sentiment for Australia’s property sector outlook continues to be positive - ANZ

The June ANZ- Property Council Survey indicates that companies are ever more positive regarding the property sector outlook. Confidence continues to be high in New South Wales, whereas Western Australia has recorded a considerable bounce after election. The rising optimism is in spite of the fact that survey respondents throughout all states and industries have reported that funding conditions are tighter and higher interest rates are likely, noted ANZ.

The housing sector’s optimism has not been doused by higher interest rates and tighter funding. Companies have reported a solid outlook for residential property prices. The most critical issue faced by the Federal Government is housing affordability.

There has also been a rise in confidence in the commercial property space, which is led by the tourism sector. The industrial property outlook has rebounded significantly in recent surveys, underpinned by infrastructure construction, while the retail sector has weakened in line with slow spending and intense competition, stated ANZ.

The June quarter survey report indicates a rebounding outlook for the Australian economy and the property market, which is widely in line with the recent flow of data, stated ANZ Head of Australian Economics David Plank.

“We expect economic growth will continue to pick up from here, and return to around 3 percent over the next two years”, added Plank.

However, the likelihood of further growth in house price, along with an already-hot market, is expected to worsen the concerns of housing affordability that are likely to be addressed in next month’s Commonwealth Budget, noted Plank.

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