Confidence is an important part of any industry, and property is definitely no exception. This is why results of the latest ANZ/Property Council Survey have been so warmly welcomed, as they show improved optimism across the sector.
Over the past quarter, confidence in New South Wales increased one point from 142 to 143. With the nationwide average registering at 131, this shows just how optimistic people are about real estate in Allawah and other parts of the state.
Executive director of the Property Council Jane Fitzgerald explained that there have now been three years of positive sentiment in the region. However, the challenge now is to make sure this can continue well into the future.
"While confidence remains high, the cooling in sentiment over the past 12 months is a signal that policymakers need to follow through on planning reform to turbocharge housing delivery," Ms Fitzgerald commented.
She stressed that the New South Wales economy as a whole relies on strong property market activity, so it can't afford to slip behind. It's responsible for creating one in 10 jobs, and not to mention generates more than 10 per cent of economic growth throughout the state.
The Real Estate Institute of New South Wales recently urged policymakers against removing negative gearing, which it believes is a critical part of the wider industry. The group argued that it would remove investment dollars from the market and into other parts of the economy, with the potential to create an imbalance.
Not only this, significant tax savings are unlikely to be made, which could cause problems for the national balance sheet. Everyone will be keeping a close eye on the market and real estate in Allawah to see whether this level of confidence can be maintained.