Property Council exec urges swift action to ease housing constraints
The South Australian property sector remains optimistic about the state’s economic growth over the next 12 months, results of a recent survey have shown.
Confidence in South Australia’s property market has risen by more than 9% from the previous quarter, with forward work expectations exceeding the historical average, according to the latest Procore/Property Council Industry Sentiment Survey.
However, Bruce Djite (pictured above), South Australian executive director of the Property Council, noted that while members are positive about future growth, immediate challenges persist that require policy intervention.
“Strong expectations of capital growth in residential housing are being accompanied by a decline in residential construction activity over the next 12 months — an ominous sign of a deepening housing crisis,” Djite said.
“With the state’s relative affordability rapidly eroding, quicker action is needed to remove housing project constraints and improve affordability through increased supply.”
The @procoretech/@PropertyCouncil quarterly survey results are out today for September 2024.
— Property Council of Australia (@PropertyCouncil) September 26, 2024
Media release: https://t.co/9XIz2gTp3A
Results: https://t.co/2HlfY59Omw pic.twitter.com/n72db8VXLe
Djite also pointed to a significant drop in industrial property construction in South Australia, now below the national average, due to a shortage of development-ready land.
“South Australian members report the highest capital growth expectations for industrial property in the country over the next 12 months, driven by strong demand,” he said. “However, unless more development-ready industrial and strategic employment land is made available, it will hamper job creation and economic growth.”
The Procore/Property Council Survey, which commenced in 2011, is now one of the country’s largest sentiment surveys in the property industry — Australia’s largest sector and employer, supporting 1.4 million jobs. Respondents come from across the property industry, including developers, managers, agents, and service providers. The Q3 2024 survey was conducted between Aug. 26 and Sept. 13, with 591 respondents.
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