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New South Wales experiences burst in real estate confidence

On Oct 18 2013
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  • News

Confidence in the real estate market has reached an all new high in the December quarter in New ...

Confidence in the real estate market has reached an all new high in the December quarter in New South Wales. As a result, anyone thinking of buying a house in the state may wish to make a move in the current active market.

This could translate well for any potential property investment or first home buyer endeavours in the near future.

The Property Council/ANZ Property Industry Confidence Survey highlighted the confidence index for the state has grown to 142 for the December quarter of 2013. An index of 100 is considered neutral, while anything above indicates a growing positivity in the market.

The survey is conducted nationwide, and this rendition saw over 3,000 professionals from the real estate and construction industry answering questions about their predictions for the coming months. In New South Wales alone there were 872 respondents.

Executive Director of the Property Council NSW Glenn Byres commented on the result and stated the results were a positive indication for the industry.

"Buoyancy in the property industry continues to rise - fuelled by an optimistic view about the future health of the national economy and forward work schedules," said Mr Byres in an October 16 statement.

"We also set the pace across the country in expectations about the growth in capital values for the office and residential sectors.

He also stated that over the last 12 months, NSW's index had jumped by 35 points, sharing the top spot for confidence with Queensland, and reaching the top for expectations surrounding staffing levels and forward work schedules.

Both residential property and commercial real estate is expected to grow in the coming months, which is reinforced by these results.

Paul Braddick, head of property research for ANZ, continued to comment on the positive results. He stated NSW and Victoria were the only two states in the survey to report positive capital growth expectations.

"Solid NSW economic growth, tight housing demand/supply fundamentals, low mortgage rates and sharply higher home sales in recent months have underpinned optimistic property industry expectations for house price growth and housing construction in particular," said Mr Braddick in an October 16 statement.

"Non-residential capital growth expectations were positive across all sectors in the December quarter driven by solid employment gains and positive expectations for New South Wales economic growth."

With confidence in the real estate market posting such glowing expectations, now could be the perfect time to take the plunge and speak with a property expert about the options available to you.

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