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Property industry confidence increases

Property industry confidence increases

Confidence has increased in the Australian property industry.

A rise in confidence in the property industry may lead to increased opportunities for residential housing construction apprenticeships in Queensland.

Industry confidence in Queensland rose by 10 points for the March quarter, according to the ANZ Property Industry Confidence Survey released by the Property Council of Australia.

“That result tells us that the property industry in this state has confidence in the future and its capacity to do business in Queensland,” Premier Campbell Newman said in a January 16 media release.

Overall, the Australian property industry increased by 8 points to reach 140, while Queensland tops the table at 152 points.

“This is great news for the hundreds of thousands of people working in the property industry,” said Peter Verwer, Property Council of Australia’s Chief Executive.

Industry leaders believe the growth in confidence is largely influenced by low interest rates and strong demand from investors in both residential and commercial property.

Mr Verwer attributes the increased confidence to positive expectations regarding future house prices and forecast increases in residential building activity across Australia.

Growth in construction starts and home buying across Queensland support these figures, as housing finance commitments rose by 13 per cent in the 12 months to November 2013 and trend dwelling approvals increased by 4.9 per cent in November.

Further research within the report reveals a 20 per cent increase in property sales within the residential sector are expected this year.

“Planned property construction for the March quarter has also surged ahead, particularly for the residential sector,” Acting Treasurer John McVeigh said.

These encouraging figures could result in increased construction apprenticeships and traineeships in Queensland, as the growing industry requires skilled labourers to cover an increasing number of projects.

“The industry has been buoyed by strong staffing level increases across the nation over the last three months and is confident of further increases in staff hiring over the next 12 months,” Mr Verwer said.

Mr Verwer also explained the government should look to the growing property industry as a solution to boost economic growth and increased employment rates.

“The message from Australia’s largest business confidence survey is that it is property and construction, the industry that employs more people and contributes more to GDP than any other, that will lead the way to future prosperity,” he said.

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