The NSW property industry is expected to have a positive outlook this year with higher expectations for growth, investments and hiring taking place across the state, said the latest ANZ/Property Council survey.
“NSW industry confidence leads the nation at 149 index points, up from 142 last quarter and is at near six-year highs. Over the twelve months to March 2017, confidence in NSW is up 11 index points indicating a strong lead into the new year, ” NSW Property Council of Australia executive director Jane Fitzgerald said.
Fitzgerald said staffing across the industry were high enough to provide jobs for the state’s growing population.
“The survey shows that the NSW industry is strong across all sectors regarding capital growth expectations with office, industrial, retail, retirement and hotel property sectors all expecting an active 2017,” she said.
“But the residential sentiment is softening across the nation and has been for the past 12 months or so which means we need to do all we can to strengthen the housing supply pipeline in NSW.
“We must make 2017 the year of action on planning and tax reform – the property industry must be strengthened so that it can continue to provide jobs and investment for NSW.
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“We must cut stamp duty for families trying to get a foot in the property market, scrap the foreign investment tax and continue steps towards streamlining the planning system so that we can continue to build the NSW of the future.
“The budget is in a surplus, and there is a record spend in infrastructure – now is the time to ease the tax burden on home buyers and strengthen housing supply. We must not rest on our laurels – there is much more that can be done.”