The latest results from the ANZ/Property Council Survey show confidence in the Queensland property industry has fallen significantly since the start of the COVID-19 emergency.
Property Council Queensland Executive Director, Chris Mountford, said that results have come as no surprise with all sectors impacted by the global crisis.
Confidence levels in Queensland fell from 119 index points in March 2020 to 58 points in June 2020 (with 100 being a neutral level of confidence). This is the largest quarterly drop in confidence since the survey began in 2011.
The result is also the first time that confidence levels have been below neutral since December 2012.
“You cannot sugarcoat the level of concern out there in the property industry about the economic impact of the coronavirus,” Mr Mountford said.
“Across Australia we’ve recorded a significant fall in growth expectations as the entire economy braces for impact.”
The Property Council has been engaging with the State and local governments to push for property tax relief, ensure that construction sites remain safe and operational, and that planning approval processes continue to be undertaken throughout the crisis.
“Property tax relief measures will be absolutely crucial in assisting businesses to survive this crisis and to generate new job-creating opportunities once we enter the recovery phase,” Mr Mountford said.
“The industry is hoping for a quick recovery and to ensure this occurs it is critical that the pipeline of future projects continues to flow uninterrupted despite the crisis.
“Over the medium to longer term further stimulus measures will be necessary to restore confidence.
“It’s a crisis that nobody wanted and nobody expected but we’ve been pleased with the response so far from policymakers who understand the importance of the property industry to Queensland’s economic recovery.”
Note: The ANZ/Property Council sentiment survey was taken both before and after the announcement of the Commonwealth Government’s JobKeeper program.
To view select ANZ/Property Council Survey historical data series in the Property Council’s Data Room, click here
