South Australian property market experiences confidence bounce-back
The confidence exhibited by commercial real estate investors in South Australia has returned in 2012, rising six points from 99 to 105 in a recent study.
According to the Property Industry Confidence Survey of 2,800 professionals across the country, the state looks set to recover from the combination of an economic slowdown and reduced housing prices.
Researchers have highlighted a number of commercial projects that may have contributed to the sentiment bounce-back, including the government's approval of an Olympic Dam expansion proposal.
In a state where the property market is one of the biggest private employment sectors - contributing 10 per cent to SA's gross state product - the news of ongoing developments has been well received.
Speaking on the boost in confidence, the executive director of the Property Council of Australia South Australia division Nathan Paine described the shift as "phenomenal".
Paine asserted: "This report is great news for all South Australians, as the surge in confidence was coupled with an expectation of higher employment levels in the property sector, the largest private sector employer in the state.
"It seems this result is also a reflection of confidence in the state government's direction for the city - it's been widely recognised that South Australia needs a strong capital to anchor the state's future growth."