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The NSW property industry has kicked off 2017 more confident about the new year than any other Australian state, according to the latest ANZ/Property Council Survey.
Property Council NSW executive director Jane Fitzgerald says there are high expectations for NSW in the next twelve months in growth, investment and hiring.
At a near six-year high, NSW industry confidence leads the nation at 149 index points, up from 142 last quarter.
Staffing level expectations across the industry are also strong and NSW is also leading this sector. The property industry in NSW can expect to continue to provide jobs for the state’s growing population.
“The survey shows that the NSW industry is strong across all sectors in terms of capital growth expectations with office, industrial, retail, retirement and hotel property sectors all expecting a strong 2017,” Ms Fitzgerald said.
“But residential sentiment is softening across the nation and has been for the past 12 months or so which means we need to do all we can to strengthen the housing supply pipeline in NSW.”
Ms Fitzgerald said 2017 should be the year of planning and tax reform action.
“We must cut stamp duty for families trying to get a foot in the property market, scrap the foreign investment tax and continue steps towards streamlining the planning system so that we can continue to build the NSW of the future,” she said.
“The budget is in surplus and there is a record spend in infrastructure. Now is the time to ease the tax burden on home buyers and strengthen housing supply.”
“There is much more that can be done,” she added.
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