The Property Council says investment in local infrastructure and a strong commitment to managing the region’s growth will ensure the Illawarra is well-equipped to manage future challenges.
The ANZ/Property Council Survey gauges the property industry’s views on the outlook for Australia’s national and state/territory economies, property asset class performance and more.
The quarterly survey for September 2017, released this week, canvassed more than 1700 respondents, including owners, developers, agents, managers, consultants and government.
According to the latest survey, NSW property industry confidence has dropped six index points from 145 to 139 over this quarter, the largest drop in confidence of any state.
Mark Jones, chair of the Illawarra Chapter Committee of the Property Council of Australia said the NSW property industry leads the nation in terms of confidence levels according to the latest survey. “Overall, there has been a drop-in confidence levels across the nation indicating a levelling of sentiment rather than a downward spiral,” Mr Jones said.
Mr Jones said the Illawarra has a long history of resilience. “The region enjoys a diverse economy and is no longer a one company town,” he said. “We tend to see the economic ripples in Sydney take some time to take an effect here and we can watch the big city to our north as a barometer.
“The downward trend in confidence should ring a warning bell and we need to see action from state and local government to deliver and match recent rhetoric.
“This includes investment in local infrastructure and a strong commitment to managing the region’s growth.
“This will ensure the region is well-equipped to manage future challenges.”