The Australian Capital Territory has seen a drop in confidence in the overall real estate industry, but the local market is still bullish on house price growth, according to the latest ANZ survey and the Property Council.
ACT's confidence level fell to 81 points for the December quarter, significantly below the 144 points of last year. In fact, more than half of survey respondents do not expect conditions to improve in the next three months.
Adina Cirson, ACT's executive director at the Property Council, said uncertainties stemming from the COVID-19 outbreak will continue to dampen the general sense of ownership.
"The work schedule forecast for the next 12 months turned negative after the previous quarter showed positive signs. Likewise, concerns about the construction pipeline are impacting capacity to expand headcount, which also fell in the negative, "she said.
Cirson said it was concerning that the outlook for these factors remained negative despite the ACT not recording any new cases of COVID-19.
Still, housing growth forecasts turned positive after two consecutive quarters of negative conditions.
"Expectations have been bolstered by the positive impact the industry is seeing through the rollout of the HomeBuilder grant, with nearly 80% of developers operating in the residential sector believing it has a positive impact on their businesses "Cirson said.
Top suburbs:
south cardiff
,
Windale
,
Lalor park
,
emerald
,
woolloongabba
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