Foreigners still nearly one-quarter of home sales
The ANZ Property Council Survey has released its latest survey, which has found that confidence is at its lowest level in over three years according to its 1,600 respondents.
As expected, confidence remains highest in the bubble markets of NSW and VIC, with WA in the gutter:
Nevertheless, most jurisdictions experienced falling levels of confidence in the latest quarter:
And over the past year:
Forward work schedules have fallen across most jurisdictions – VIC and SA being the exceptions:
Although property industry staffing levels are still expected to increase almost everywhere:
Expectations around economic growth have deteriorated across most jurisdictions – VIC and SA again the exceptions:
And respondents everywhere expect interest rates to fall further:
But the availability of debt finance to decline:
House growth expectations are a mixed bag, however:
Finally, respondents report that 24% of residential property sales nationally were to foreigners in the latest quarter, with VIC and NSW – the key bubble markets – most affected and the percentage still rising (which could still mean volumes are falling just not as fast as locals):
