South Australia is leading the nation when it comes to confidence in the property sector. A recent survey from the Property Council of Australia and Procore shows the state’s confidence rate has increased by 11 points, reaching 132 in the September quarter – well above the national average of 108.
With this boost, SA has moved ahead of Western Australia and has 45% higher confidence than Victoria, which ranks lowest in the country.
The survey also looks at how well the state government is performing in planning and managing growth, and in this latest survey, South Australia’s Government was rated as the best performing in the country.
In the first three months after launching the roadmap, the government introduced over a dozen new initiatives. These include a unique infrastructure scheme, a builders panel for small projects, and contracts to support a significant $1.5 billion expansion of the water and sewer network.
The confidence in the property sector comes as the government released its draft Greater Adelaide Regional Plan, outlining how Adelaide will grow to accommodate an additional 670,000 residents over the next 30 years.
South Australians also have high expectations for economic growth, indicating strong confidence in the state’s economy. The state ranks first in several categories, including future work schedules, availability of debt finance, and hotel capital growth.
“The industry has strong expectations for capital growth in residential housing, which reflects the confidence in a strong South Australian economy,” SA Executive Director Property Council of Australia Bruce Djite said.
“South Australia has a strong growth outlook, which is attracting more people, industry and jobs.
“Whilst the government has more to do to further incentivise an increase in housing supply, this is another broadly positive set of data.”
These positive results have earned SA recognition from the Business Council of Australia, which named it the best place in the country to do business and praised its planning system.
South Australia has also been a leader in the Housing Industry Association (HIA) Housing Scorecard and has topped CommSec’s State of the States report for three consecutive quarters, driven by strong performance in construction and new housing starts.
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