Con­fi­dence boost in prop­erty

Port Douglas & Mossman Gazette - - FRONT PAGE - Sarah Danckert

AN im­prov­ing res­i­den­tial sec­tor and a change in gov­ern­ment has led to a jump in con­fi­dence in Queens­land’s prop­erty mar­ket, ac­cord­ing to a sur­vey.

The Prop­erty Coun­cil of Aus­tralia-ANZ Bank­ing Group for­ward-look­ing con­fi­dence in­dex for the De­cem­ber quar­ter gave Queens­land and NSW a read­ing of 142, in­di­cat­ing con­di­tions are ex­pected to im­prove markedly. A neu­tral read­ing on the in­dex is 100. The rise in Queens­land’s con­fi­dence in­dex from 117 to 142 was more dra­matic than in NSW where con­fi­dence in the mar­ket rose to 142 from 130. ANZ se­nior econ­o­mist David Can­ning­ton added that while growth in house prices in Queens­land was not as strong as in other states, prices were com­ing off a lower base due to the mar­ket be­ing sub­dued since 2009. ‘‘In ad­di­tion, since early to mid this year we’ve seen sus­tained low­er­ing of the Aus­tralian dol­lar, which has pro­vided a more op­ti­mistic out­look for the tourism sec­tor.’’ Mr Can­ning­ton added that the house­hold sec­tor in Queens­land had been show­ing signs of im­prove­ment for some time with re­tail spend­ing in the state out­pac­ing other states with av­er­age growth of 5 per cent com­pared with a na­tional av­er­age of 1.7 per cent.

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