The latest Procore/Property Council Survey showed a slight improvement in confidence among property professionals, with the confidence index inching up two points to 108 in the September quarter, after a significant drop in July.
Despite this small uptick, concerns about the housing supply shortage continue to weigh heavily on the industry.
The survey highlighted that industry expectations for housing construction over the next 12 months are significantly below historical averages, while expectations for housing price growth are notably higher than usual.
This imbalance signals ongoing challenges in addressing the housing crisis.
A large portion of survey respondents, 43%, identified housing supply and affordability as the most urgent issue for the federal government, with a similar sentiment expressed about state governments. This underscores the critical need for policy interventions to boost housing availability.
Property Council group CEO Mike Zorbas (pictured above left) warned that current housing construction rates are insufficient to meet demand.
“We must build our way out of the housing crisis. We continue to need governments to come to the table with the right planning and tax settings,” Zorbas said, urging further reforms to meet national housing targets.
Confidence levels varied significantly across states.
Victoria’s confidence remains low at 91 despite a slight rise, while South Australia saw the highest confidence at 132 after an 11-point increase.
In contrast, Western Australia experienced a notable drop, falling 19 points to 119.
Chris Skelton (pictured above right), general manager for APAC at Procore, stressed the property sector's role in tackling major issues such as affordable housing and sustainability.
“The property industry has an important role to play in solving some of the biggest societal challenges in Australia, including affordable housing and the net zero transition,” Skelton said, highlighting the importance of data-driven decision-making.
See the Property Council announcement in this LinkedIn post. For more details, access the survey results and the media release.
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