THE ACT’s property industry confidence is at an all-time low because of the COVID-19 crisis, according to the latest Property Council Survey.
ACT property industry confidence has decreased 63 index points from 127 to 64 over the quarter, with all states and territories across Australia taking a hit due to COVID-19, the survey shows. A score of 100 is considered neutral.
“As we have seen over the last few weeks, there is no doubt that the challenges and impacts from COVID-19 are being felt right across the country, and managing this crisis is tough and a testing time for all sectors of the property industry,” says Property Council ACT executive director Adina Cirson.
“Undoubtedly, some sectors have been hit harder than others, with hotels and tourism being hit the hardest, followed by retail and commercial office.
“Overall a significant impact on all sectors is expected, with all reporting a moderate to serious impact with relation to construction schedules and growth expectations over the next few months.
“These results highlight the absolutely critical nature of our work with the ACT government to keep construction going and to keep those who are working in the property and construction industries in a job. Our industry is going to be vital in the post COVID-19 recovery phase, and ensuring we have a solid pipeline of construction projects is essential.
“Key to this is to keep the system moving, and we have been pleased with the collaborative engagement we have had with the ACT government who are pulling out all stops to fast track approvals and keep the industry moving so we are poised and ready to lead the recovery.”
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