South Australia is leading the country, when it comes to confidence in the property sector.
Latest survey results from the Property Council of Australia and Procore, found South Australia’s confidence rate increased by 11 index points to 132 points in the September quarter, well above the national average of 108 points.
South Australia leapfrogged Western Australia in the sentiment survey to have the highest level of confidence in the sector and was 45 per cent higher than Victoria, which ranked lowest in the nation.
The survey measures industry views on State Government performance, in terms of planning and managing growth.
In the September quarter, industry ranked the Malinauskas Labor Government as the best performing in the nation.
This result is recognition of the work the Government is doing to address the national housing crisis, spearheaded by the 74 initiatives unveiled through the Housing Roadmap.
In the first three months following the Housing Roadmap, the government has implemented more than a dozen initiatives such as, introducing a nation first infrastructure scheme, created a builders panel for small government led projects and signed contract partners to help deliver the record $1.5 billion expansion to the water and sewer network.
The industry confidence comes in the same week the Malinauskas Labor Government released its draft Greater Adelaide Regional Plan, which provides a 30-year plan for how Adelaide will accommodate an additional 670,000 people.
South Australian participants also have the highest expectations for state economic growth, a clear indication of confidence in the state’s economy.
South Australia ranked first in several other categories, including forward work schedule expectations, debt finance availability and hotel capital growth expectations.
It comes after the Business Council of Australia described South Australia as the best place in the nation to do business and ranked SA’s planning system the best in the nation.
This latest accolade follows similar results with SA leading the nation in the Housing Industry Association (HIA) Housing Scorecard.
South Australia’s economy has also topped the nation for the past three quarters in a row in CommSec’s State of the States report, buoyed by our top ranking for construction work done and dwelling starts.
Quotes
Attributable to Nick Champion
This government is doing everything we can to build more homes, faster and this result is proof that the industry has confidence in what we are doing.
As we continue to implement various initiatives from the Housing Roadmap we will make it even easier and faster to build more homes for South Australians.
The government is working with the property and development industry to unlock more land so they can build the houses we need for future generations of South Australians.
Attributable to Bruce Djite, SA Executive Director Property Council of Australia
The industry has strong expectations for capital growth in residential housing, which reflects the confidence in a strong South Australian economy.
South Australia has a strong growth outlook, which is attracting more people, industry and jobs.
Whilst the government has more to do to further incentivise an increase in housing supply, this is another broadly positive set of data.
