Confidence in Sydney property industry rises

By the resi financial blog team, 10 September 2013

Confidence in Sydney's property sector strong in 2013

It’s looking like a hot time to buy in Sydney, as a recent survey has shown that the property industry in the state of New South Wales is currently in a "sunny mood".

According to the latest Property Council of Australia-ANZ Property Industry Confidence Survey, the level of confidence in the New South Wales industry has increased to reach 130 on the index for the September quarter. A score of 100 is considered to be neutral.

The survey included over 2,700 respondents in the property and construction industry across the country, with 792 located in New South Wales.

"The property industry has showed a dramatic shift in sentiment over the past 12 months and is maintaining its faith about the prospects ahead," said Property Council of Australia NSW executive director Glenn Byres.

"The index has jumped 24 points in the past 12 months - the biggest lift across any jurisdiction. The change from 131 to 130 in the past quarter is immaterial."

One of the contributors to this increase in confidence in the industry may be the current low variable and fixed interest rates in Australia offered by lenders.

This has allowed many more buyers - whether first home buyers, investors or upgraders - to enter into the property market.

Along with this is the current level of property sales being made in the state, which has helped to boost confidence and underpin the optimistic property industry expectations for house price growth in the future.

For help with finding the best loan for first home buyers, and expert assistance with navigating through state-provided first home buyer incentives, contact one of the loan specialists at resi today.

Categories: Home Loans