The ANZ Property Council's business confidence index for the June quarter posted a fourth consecutive quarterly decline, reaching its lowest level since March 2013.
The result highlights the Treasury's budget warnings regarding the risks to the economic outlook of a further deterioration of the housing sector.
The confidence of the industry decreased by eight points to 115 points. A score of 100 index points is considered neutral, according to the Property Council of Australia. Confidence levels were declining in all states, except for the Australian Capital Territory.
In the last 12 months, the industry lost 28 index points, with the largest declines recorded in Victoria (-33), NSW (-32) and Queensland (-26). The ACT recorded the smallest decline over the period (-7), followed by South Australia (-11).
"It 's about a significant decline in confidence in one of the major drivers of the economy, just a week after the Treasury announced the risks of' '. a declining housing sector in the budget documents, "said Ken Morrison, General Manager of the Property. Council of Australia.
He said that the slowdown in residential markets, combined with expectations for national economic growth, construction, and capital growth of certain types of properties, led to this crisis of confidence.
"The main message from decision makers is to stay focused on the real estate sector and be ready to adopt a housing emergency plan, if that's what the economy needs. It's certainly a bad time to risk changing the political parameters, such as negative conversion rates and capital gains tax, which could lead to a further loss of confidence in the sector. " Morrison said.
From March 11 to 26, the ANZ Property Council survey on the June 2019 quarter measured the opinion expressed throughout the real estate industry.
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