Speaking on video and podcast following the release of the ANZ-Property Council of Australia Report Is the Australian Housing Market Over the Hill? Gradwell said confidence in commercial property was helping balance out softening residential sector expectations.
"Confidence in the commercial property sector is sitting at the highest [level] since the ANZ-PCA survey started.” – Gradwell
“We’ve seen a pretty sharp collapse in confidence around the residential sector and that’s consistent with…falling prices, weaker clearance rates and housing credit starting to dry up,” he said.
“But on the other hand, the good news from the survey is that confidence in the commercial property sector is sitting at …the highest [level] since the survey started about seven or eight years ago.”
Amidst an overall sense of confidence, the ANZ-PCA report showed ongoing credit tightening and macro-economic factors such as immigration and unemployment levels are poised to drive change across the property market over the next 12 months.