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Financial News: Australia Property Confidence Hits 2-Year High

Australia Property Confidence Hits 2-Year High

01/12/2017 - 01:21:00 (RTTNews)

(RTTNews) - Australia's property industry confidence strengthened to a two-year high at the start of the year, supported by stronger expectations of economic growth, capital value and forward work schedules, latest quarterly survey by ANZ and Property Council of Australia showed Thursday.

The index measuring property confidence rose by 2 points to 132.0 for the March 2017 quarter. A score of 100 is considered neutral.

The March quarter survey showed that firms are considerably more optimistic around the outlook for the property sector in 2017.

Confidence in residential property improved markedly and commercial sentiment also remained elevated, especially in tourism sector.

"Among regions, sentiment is still strongest in New South Wales, while the outlook for Queensland's property market looks to have bottomed, and is embarking on a tentative recovery," Richard Yetsenga, chief economist at ANZ, said.

"Firms nationwide now expect interest rates to rise over the next 12 months. This likely reflects a combination of the RBA cutting cycle reaching an end, and recent increases in bond yields and retail interest rates, especially in the housing market."

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