June 22, 2021

Coronavirus: Survey fears house values could fall after record drop in confidence

first_imgQueensland had the least of the terrible results in the 12-month ahead capital growth expectations index for residential houses.Coronavirus has done what elections, oversupply and the mining bust could not, breaking property confidence to its lowest point since 2011 – and prices could follow, the latest Big Four Bank survey warns.If Queensland Premier Annastacia Palaszczuk needed a fresh indicator of just how badly hit the confidence of investors is in the state right now, the dire results from the ANZ/Property Council Survey – out today – would be a good place to start. Taken before and during the coronavirus emergency, Property Council Queensland executive director, Chris Mountford, said there was no other way to put it, given all sectors were impacted by the global crisis.“You cannot sugar-coat the level of concern out there in the property industry about the economic impact of the coronavirus. Across Australia we’ve recorded a significant fall in growth expectations as the entire economy braces for impact.”But he warned that if real estate and construction was to help lead the way out for the economic recovery, tax breaks would be necessary.“The industry is hoping for a quick recovery and to ensure this occurs it is critical that the pipeline of future projects continues to flow uninterrupted despite the crisis.”“Over the medium to longer term further stimulus measures will be necessary to restore confidence.” FOLLOW SOPHIE FOSTER ON FACEBOOK “Confidence levels in Queensland fell from 119 index points in March 2020 to 58 points in June 2020 (with 100 being a neutral level of confidence). This is the largest quarterly drop in confidence since the survey began in 2011,” the survey found.“The result is also the first time that confidence levels have been below neutral since December 2012.”Among the questions the survey asked was “over the next 12 months in the state you primarily operate, how do you expect capital values to change for residential”.The results were shocking with Queensland emerging with the least of the terrible results in the 12-month ahead capital growth expectations index, notching a -20 point fall. Every other state and territory expected even worse than that. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago Brisbane rents tipped to fall Australia in top three for virus fightback MORE: Tenants set to gain all the powerlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *