CONFIDENCE levels in the ACT property sector have dipped according to a leading indicator of business sentiment.
The ANZ/Property Council Survey’s leading index for the March quarter of 2015 shows a downward shift in sentiment by 16 points to 111. A score of 100 is considered neutral.
The quarterly survey polled over 1,950 property industry professionals across all Australian states and territories on their forward-looking views regarding the business and political environment, the economy, employment intentions and other factors.
Property Council ACT Executive Director, Catherine Carter, said over the 12 months to March 2015, that despite fluctuations during the year, property industry sentiment had remained at the same level as that reported in March 2014.
“The level of confidence in the Territory has been impacted because of the slow-down in construction activity, largely as a result of cut backs to Commonwealth Government spending.
“Forward work and staffing level expectations have fallen off since the December quarter 2014, but are still considerably higher than that reported 12 months ago.
“However, the ACT continues to perform well under the Australian average in terms of business sentiment, and there are a number of areas in which further focus is needed in order to lift and improve confidence. State economic growth expectations continue to be negative, government performance with respect to planning and managing growth remain negative, and concerns about the Canberra office market persist.
“Clearly the market continues in a state of flux, and so we will be working with government to address the issues of concern and to rebuild confidence in the Territory.” Ms Carter concluded.