'Mixed signals' for the Canberra market: ANZ/Property Council survey

The latest survey on confidence in the property sector offered “mixed signals” for the Canberra market.

According to the ANZ / Property Council of Australia quarterly survey for September 2017, overall business confidence dipped in the ACT, following a strong performance over the past 12 months.

However, confidence in the territory remained the second highest in the country, behind NSW.

The ACT recorded a quarterly drop of four points, from 142 to 138, however the year-on-year figure was up five points.

NSW dropped from 145 to 139 over the quarter.

The overall result remained positive across all states and territories, with a score of 100 considered neutral.

The ACT recorded a slight dip in house price growth expectations, but remained the second-most optimistic in the country, following South Australia.

The ANZ/Property Council survey has seen a sharp winding back in experts predicting price growth on the east coast. Photo: Property Council/ANZ

House capital growth expectations fell significantly across the country, particularly in NSW, Victoria and Queensland.

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ACT Property Council executive director Adina Cirson said the ACT was still in a good position, but the mixed signals should be watched closely.

“Indicators such as forward work schedule expectations have dampened this quarter, dropping well below the March-June expectation high, which had us leading all others,” Ms Cirson said.

Local confidence has levelled in office, retirement living and retail growth expectations, while a positive turn was recorded for hotel, tourism and leisure.

Confidence in federal and territory government’s management and plans for growth continued to decline.

“Of some concern is that we have again seen a significant decrease in national economic growth expectations, while still in the positive, are in stark contrast to the expectations for our territory economic growth expectations – ahead of all other state economic growth expectations,” Ms Cirson said.