Despite extended lockdowns, NSW has recorded one of the highest levels of optimism across the nation, as revealed by the latest ANZ/Property Council of Australia survey results.
Property Council of Australia NSW Executive Director, Luke Achterstraat, said the industry has taken confidence in the return of 100 per cent construction site capacity, the return of international students and the unveiling of the NSW Roadmap to Recovery.
“The property industry in NSW has shown the most optimism across the entire country, with the survey results showing that the impacts of COVID-19 are set to improve over the next three months,” Mr Achterstraat said.
“This is a clear sign of our state’s resilience and strength, that has been heavily tested during the recent lockdown.”
Mr Achterstraat said housing was still the number one issue for the property industry.
“Housing supply and affordability not only remains the most critical issue for state governments, but quarter on quarter the negative sentiment around this has increased, demonstrating the challenges being faced by the industry and local communities,” he said.
Mr Achterstraat said hotels, tourism and leisure had also continued to suffer.
“Over the next three months, over 60 percent of responders in the hotels, tourism and leisure industry have indicated negative impacts on their industry from COVID 19,” he said.
“The tourism and hotel industry will be a key driver in aiding recovery and will benefit the broader community and economic recovery of metro and regional areas, while also playing a key role in socially connecting people as we commence our road to reopening.
“Hotels and tourism focussed business contributes a lot to the local economy and hotel capital growth expectations, and while still in the negative, they have shifted in a positive trajectory quarter on quarter, showing optimism for the sector to recover in the long run.”
Mr Achterstraat said that while confidence in the NSW Government’s ability to manage growth remained positive, it had dropped from around 28 to 17 index points in less than a year.
“It is clear we need to get the reopening right, and this needs to be the number one focus for government and include continued industry consultation. Together our industry can regain maximum confidence to continue supporting growth and investment of our state,” he said.
