Confidence within NSW property industry has held firm in the face of
uncertainty around macroeconomic conditions, with firms remaining confident in
their own work schedule and staffing levels, according to the latest ANZ/Property
Council survey.
The latest survey of NSW Property Council members found the overall
Confidence Index increased by 9 points in the September quarter, A score of 100
in the Confidence Index is considered neutral.
Property Council’s Acting NSW Executive Director Adina Cirson said the
results reveal companies have confidence in their own operations, but external
factors such as interest rates and construction costs are weighing on
sentiment.
“Housing supply and affordability has remained as the most critical
issue surveyed as we continue to face the issues and challenges the industry
brings,” Ms Cirson said.
“Confidence in the property industry is torn between the largely
positive indicators within their own businesses and the swift moving
uncertainties in the macroeconomic environment.
“On the one hand, work pipelines and employment expectations look
strong, while on the other hand interest rates, inflation, construction costs,
skill shortages and recessionary fears in Europe and the US give real cause for
concern.
“While property industry confidence went up slightly, it masks these
strong forces pulling sentiment in opposite directions,” she said.
Over the quarter, future staffing level projections were strong in all
states and territories, with the national average sitting at 22, significantly
above the historical average of 16.6. A score of 0 is regarded as neutral.
