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Confidence across the property sector remains buoyant despite signs that it is easing, according to a survey conducted by the Property Council of Australia and ANZ.
The Australian Property Confidence Index has increased from a rating of 121 to 131 over the previous 12 months, although it fell by one point during the past quarter.
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NSW was the leading state for property industry confidence, as it rose three points over the quarter to 143, and fell just shy of the 147-point high recorded in the first quarter of this year.
During the past year, Queensland has jumped from 117 to 136, Tasmania from 98 to 132 and Victoria from 114 to 131.
The Northern Territory increased from 129 to 130, South Australia from 103 to 114 and ACT from 94 to 104. However, Western Australia fell from 139 to 123.
ANZ chief economist Warren Hogan said the survey highlights the critical role of the construction industry in leading the recovery in the non-mining economy.
“We expect construction activity to take up some of the slack being generated by the downturn in mining and energy investment,” he said.
[Related: Govt cashes in on ‘surging stamp duty’]
