Property confidence is down in Australia’s biggest states as investors look to resource-rich areas in 2012.
A Property Council-ANZ survey found real estate professionals are more confident about demand from investors in South Australia, Western Australia, Queensland and Northern Territory, which are linked to major resource projects.
The top performing territory in the survey was NT, which increased from 120 points in September to 145 points. Confidence in Queensland jumped 10 points from 103 to 113, while Western Australia rose from 122 to 127 and South Australia went from 99 to 105.
However, Victoria dived from 100 – a neutral position on the index – down into negative territory to 97. Meanwhile NSW fell from 107 to 105.
Property Council chief executive indicated confidence in Victoria was shrinking as its population growth dwindled and in NSW investors were “fidgety”.
ACT experienced the greatest drop from 102 to 94 points, while confidence in Tasmania remains low – falling from 102 to 94.