Property confidence increases during March quarter in New South Wales

17.1.14bThe real estate industry has been steadily growing in strength over the last 12 months, and this is finally being reflected in the confidence of those in the sector as the latest Property Council – ANZ Property Industry Confidence Survey highlights property as an economic beacon.

The latest index for New South Wales has illustrated the growing confidence in Australian real estate, rising to a reading of 147 at the start of the March quarter after resting at 142 during the final quarter of 2013.

Property Council New South Wales Executive Director Glenn Byres said the state is set to defy forecasts of slower property growth in comparison to other aspects of the state’s economy.

“The new survey results confirm the industry has entered 2014 in a sunny mood and should pick up slack occurring across the broader economy,” said Mr Byres in a January 16 statement.

“The property industry is clearly pivotal to the short and medium term vitality of the State‚Äôs economy.”

This optimistic outlook for the future could bode well for those sitting on the fence regarding purchasing property. Now could be the perfect time to get into the Sydney real estate market and secure yourself a great deal.

ANZ Head of Property Research Paul Braddick said this was the most optimistic view of the New South Wales real estate market seen in the last two and a half years.

“Strong housing sales and house price gains in particular have driven the March quarter outlook for the New South Wales property sector higher. Moreover, commercial property capital growth expectations reached record levels in all sectors,” said Mr Braddick in a January 16 statement.

“The latest survey results also reflected expectations of improved availability of debt finance, increased staffing intentions and a positive outlook for price growth and construction activity across both residential and commercial property.”

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