Any suggestion of a peak in the Australian property market has been shot down by a Australia and New Zealand Banking Group and Property Council of Australia survey confirming that confidence in real estate is at a two year high.
"Naturally there are state by state variations, but taken together, this is good news during a somewhat uncertain time," Property Council of the Australia chief executive Ken Morrison said in a statement Thursday.
The industry is expecting tighter financing requirements, higher interest rates after Australia's central bank indicated the easing cycle had come to an end, while also navigating the "byzantine" state and federal planning systems.
Despite the headwinds, confidence in Australia's fastest growing markets -- Sydney and Melbourne -- is underpinned by strong economic growth expectations, housing, forward work expectations as well as confidence in the government itself, Morrison said.
"We are also seeing a pickup in confidence in South Australia and Queensland (while) Western Australia is still coming to terms with the end of the mining boom, and confidence did slip back into negative territory," Morrison said.
The ANZ/Property Council of Australia survey, released Thursday was the largest of its kind, engaging 1, 500 real estate professionals across the commercial and residential sector.
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