Amid economic worries, property industry optimistic

All tradies and builders will no doubt be pleased with the latest news out of the Property Council of Australia. 

That's because the Property Council and ANZ's Property Industry Confidence Index to September 2014 has found that industry confidence has remained steady at its previous, high level. The index dropped by only 1 point to 131 for the September quarter. 

Although this is down from the dizzying record high of 140 achieved at the start of the year, Property Council of Australia Acting Chief Executive Glenn Byres noted the score was still a high one and represented simply a moderation. 

This moderation was a result of the recent uncertainty surrounding the passage of the Federal Budget in the Senate, where the government's carbon tax repeal package has faced stiff opposition. It is also linked to more long-term concerns about national economic growth. 

Nonetheless, the future was rosy when it came to the property industry, according to industry figures. Whether it's renovating the bathroom or building a new home from the ground up, there will likely be work opportunities ahead.

"Over the past 12 months, the property industry has sustained Australia's economy in contrast to falling manufacturing and mining investment – and the industry remains confident that this will continue over the next 12 months," said Mr Byres in a July 10 release.

"In particular, the industry continues to generate employment, and staffing level expectations remain high."

ANZ Chief Economist Warren Hogan agreed in the same release that the property sector was in the midst of a recovery.

New South Wales was the most optimistic state, with a confidence index of 143, well above the national average. In second place was the industry in Queensland, which rose 1 point this quarter to 136 on the scale. 

The survey polled 2,300 property and construction professionals around the country about their outlook for the future at the beginning of the new financial year.